Cybersecurity startup Cyware has announced that it has raised $10m in a Series A funding round to expand amid growing demand for its automated threat intelligence and response product due to the Covid-19 pandemic.
The round was led by Mercato Partners’s venture practice Prelude Fund and endpoint management company Tanium. Additional funding came from Emerald Development Managers and Great Road Holdings, who have previously invested in Cyware.
The startup, which is based in New York, the US, is developing cybersecurity solutions in the security orchestration, automation and response (SOAR) space with its Cyber Fusion Solution product, which provides automated threat intelligence and response.
It is designed to further the company’s goal of transforming the cybersecurity ecosystem, by eliminating siloed security teams that currently are commonplace within teams. It intends for its automated solutions will augment the capabilities of human cybersecurity professionals, enabling them to become “more responsive, efficient and effective”.
Cyware funding comes as startup sees Covid-accelerated expansion
The funding round comes as Cyware has seen an uptick in customers amid the Covid-19 pandemic.
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“As organisations begin to understand and address cybersecurity realities amid Covid-19, we’ve grown aggressively and expanded our solution and client portfolio to meet their evolving security needs,” said Anuj Goel, CEO and co-founder of Cyware.
“We wanted visionary investors who understand cybersecurity and can be our partners for long-term growth.”
Given this rise, Cyware will be using the addition funds to expand both its sales and marketing teams, as well as bolster its customer service arm. It will also continue developing its products, focusing particularly on its situational awareness platform, threat intelligence exchange, security orchestration layer and fusion and threat response.
For investors, the novel take on the state and structure of cybersecurity teams by Cyware, particularly given the transforming nature of workplaces, provides an appealing reason to participate in the funding round.
“We are thrilled to partner with Cyware on their mission to better predict and prevent attacks through cyber fusion and a collective defense,” said Zach Sivertson, managing director at Prelude.
“Because cyberattacks are increasingly sophisticated and damaging and the pandemic is driving long-term remote work, Cyware’s proactive solutions deliver decision makers the tools and protections they need.”