Cyber company CyCcognito has announced the raising of $ 100 million at a value of $ 800 million. The investment was made in Round C, led by The Westly Group. Westly Group was also joined by Thomvest Ventures and The Heritage Group. Along with the new investors, the company’s existing investors have also joined the current round of funding, including: Accel, Lightspeed Venture Partners, Sorenson Ventures and the UpWest Fund.
The company has developed technology that helps companies prevent potential cyber hacks and deals with the management and protection of organizations’ cyber attack surface (digital assets that are connected to the Internet and exposed to attackers). In the last 12 months, the company has shown growth of 400% and in total, the company has so far raised a total of $ 153 million. It is expected to use the current fundraising funds for continued growth as well as to recruit dozens of workers for the development center in Israel.
Rob Gur-Zeev, CEO and Co-Founder of CyCognito: “It turns out that organizations sometimes invest hundreds of millions of dollars in cyber protection, and are hacked because of a server they are unaware of but allows access to their network and information.
The technology platform developed by CyCognito helps organizations to detect external threats through any device connected to the external corporate network, to provide an assessment of potential attack risks as well as the possibility of a rapid response.
Through machine learning, the platform autonomously builds a graphical data model that describes the business structure of the organization – from the company’s name to the hundreds of departments, subsidiaries, acquisitions and brands of the organization. The platform then scans billions of servers and devices across the network to connect and identify unmanaged assets exposed to the network that can serve as entry points for attackers.
Steve Westley, Founder and Managing Partner of the Westly Group: CyCognito’s next-generation approach to managing potential attack surfaces could not have come at a better time, when in fact many organizations are undergoing a digital transformation and supporting a remote and hybrid workforce.
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