Cynet makes $18m in Series B funding round

Autonomous breach protection company Cynet has completed a Series B funding round worth $18 million, lead by Telekom Innovation Pool, Deutsche Telekom’s strategic investment fund advised by DTCP.

Existing investors Norwest Venture Partners and Ibex Investors also participated in the round. The company now has raised a total of $38 million.

The money will be used to reach the cyber security company’s three main growth objectives - growth in the US and international markets; adding to the engineering workforce to maintain a technological edge; and developing the CyOps team to provide critical customer support amidst increasingly complex cyber threats.

Cynet was founded in 2015 by security experts Eyal Gruner and Netanel Amar with the sole purpose of bringing breach protection within reach of any organisation, regardless of size and security skills - resulting in the Cynet 360 platform.

Its Autonomous Breach Protection solution provides the customer with adaptive protection, with zero operational overhead, maintenance efforts or manual operation.

“With the current shortage in cyber security talent and increasing resource constraints, enterprises of all sizes need to simplify their product stacks,” says DTCP analyst Florent-Aurélien Couturier-Crouzillac. “Cynet is addressing that problem at its core by combining a broad range of security features in a robust breach protection platform which enables its customer to reduce operational overhead, maintenance efforts, and manual inputs to a minimum.”

Telekom Security, the cyber security unit of Deutsche Telekom, is leveraging Cynet’s technology to address the small business market. Its chief executive Thomas Fetten commented: “There is a growing need for integrated solutions, enabling our customers to more easily manage the high complexity of security - the combination of Cynet’s solution portfolio with our managed service offering is a great way for Telekom Security to fulfill this expectation."

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