How will CyCognito use the funding?
CyCognito, a cybersecurity company providing automated threats-hunting and external attack surface management, received an undisclosed round of funding from investors. With this capital injection, the company plans to expand its product development and go-to-market efforts to make companies better prepared for digital risk.
This funding will provide CyCognito with additional resources to continue building its platform and invest in product innovation. CyCognito is committed to innovating how companies can protect against unknown attacks before they cause any damage and ensuring their risk analysis is as accurate and up-to-date as possible. In particular, it plans to use the funding to:
- Develop new features for a wider range of services for customers;
- Increase its sales efforts across multiple markets;
- Expand its reach into international markets;
- Invest in research and development of new product lines;
- Invest in enhancements for existing products;
- Improve existing customer service offerings.
CyCognito’s advanced platform offers customers complete visibility into their external attack surface to identify malicious actors before they cause any harm. This insight enables customers to take proactive measures against unknown threats while reducing the impact of attacks that manage to breach business systems. By receiving this additional funding, CyCognito is well positioned to continue making significant strides as it helps organisations protect against digital risks.
Overview of CyCognito
CyCognito is a cybersecurity startup that recently raised $100 million in a round led by the Westly Group. This adds to their series B total of $41 million, bringing their total funding to $141 million.
CyCognito protects organisations from cyberattacks by changing how they think about their threats. They offer services to help organisations understand their security posture, detect risks, and prioritise remediation efforts.
Let’s look at how they plan to use their latest funding.
Mission and Vision
CyCognito is an early stage cybersecurity startup focused on helping organisations understand and reduce their attack surface. CyCognito leverages automation, AI, and crowd sourced threat intel to discover the unknown surface to proactively defend against malicious attackers. Its mission is to be the industry leader in helping organisations manage their cyber risks and reduce their attack surface.
CyCognito was founded on the vision of providing a comprehensive solution for small- and medium-sized businesses looking for proactive cyber defence but lacking the resources or manpower to build a team of security experts. By leveraging automation, AI and crowd sourced threat intelligence, CyCognito enables these businesses to better protect their data, applications, users and ultimate branding with access to advanced threat detection services at a fraction of traditional costs.
With its latest funding announcement in February 2021, CyCognito plans on doing the following:
- Expanding its sales and product teams
- Investing in research & development of new features & capabilities
- Accelerating channel partnerships & introducing new products
- Improving operational efficiencies
- Boosting international expansion efforts
Products and Services
CyCognito is the world leader in Attack Surface Management, a proactive solution to eliminating cyber security blind spots. Utilising its cutting-edge platform and processes, CyCognito discovers and evaluates hidden attack surfaces associated with an organisation’s digital footprint — from external-facing websites to cloud applications, devices on the network, external partners, and much more. With its recently announced funding round of $22M and advances in attack surface management technology soon to be released for 2021, CyCognito is well on its way to becoming a dominant force in the cyber security industry over the next few years.
One of the key focus areas resulting from this dedicated funding will be products and services based around improved functionalities and increased coverage of assets within Attack Surface Management (ASM). CyCognito plans to develop an enhanced analytics engine that can detect all assets across any cloud or on-prem environments and increase scalability with greater visibility into large networks. Enterprise also expects to create new ASM capabilities that enable organisations to ensure greater security posture across their environment while providing more streamlined incident response processes when needed.
As part of this initiative CyCognito plans to partner with vendors such as Intel who will make available customizable dashboards covering trends on user behaviour and cyber activity. This product integration intends to provide users with detailed insights into their attack surface which can be monitored for insider threats or other malicious actors attempting to breach systems undetected. Additionally, service engagements will focus heavily on actionable insight into threat intelligence data, enabling customers to gain better visibility into their environment and make informed decisions during incident response times.
In addition to investment in core tech platforms, product developments, services projects and partnerships like with Intel mentioned above; CyCognito will also invest part of their funds into global expansion efforts focusing particularly on North America and EMEA regions for 2021 onwards. With enhanced business outreach in these locations coupled with improved products and service offerings; CyCognito hopes it can achieve its goal of becoming a major market player within cybersecurity globally by 2025/2026.
Cybersecurity startup CyCognito raises $100M in round led by Westly Group
CyCognito, a cybersecurity startup, recently raised $100M in a round led by the Westly Group. This funding will give the startup the resources to take their business to the next level and bring their products to more customers.
Let’s examine how CyCognito plans to use this funding to further their mission.
Expansion of Products and Services
CyCognito will use the funding for initiatives centred around product development. CyCognito’s products help customers discover and secure vulnerable public-facing attack surfaces before malicious actors find them. This highly innovative approach to security allows our customers to operate in a proactive, not reactive, state regarding their cyber security posture.
This funding will allow us to expand our products and services through agile development teams set up in every region we serve. This will allow us to create services tailored specifically for different geographies and hyper targeted customer groups across multiple industries.
In addition, this funding helps open up many opportunities for research and partnerships with universities, peer organisations and other third-party providers of cyber security solutions. With these resources we can build out our solutions faster than ever thanks to cutting-edge technologies like machine learning and cognitive computing for threat analytics capabilities and new generations of open source technologies such as cloud deployment platforms like Kubernetes and OpenStack.
These initiatives together represent an exciting opportunity for CyCognito which adds significant value to our current offerings while opening up even more possibilities in the future as we strengthen our defence against threats on both a global scale and tailored customer needs across all organisation sizes.
Expansion of Team
CyCognito, a cybersecurity platform provider, recently raised $25 million in Series A funding. The Series A funding round was led by Insight Partners, with participation from existing backers Hewlett Packard Pathfinder and Aspect Ventures. This new capital raises CyCognito’s total venture capital amount to $31 million.
The company plans to use the new funds to further expand its team and accelerate development and adoption of its automated attack surface protection platform for businesses. CyCognito’s technology is designed to help constantly map business attack surfaces, revealing the most likely attack vectors hackers may look at when targeting an organisation. It also provides smarter assessments of those surfaces and specific vulnerabilities businesses may have missed during other security solutions they already have in place.
CyCognito will mainly use the funding to expand their engineering and product teams, allowing them to develop innovative solutions that better protect newly redesigned hybrid IT environments in a quickly changing IT landscape due to moving towards cloud computing. In addition, the extra resources they acquire with the funds could be used towards expanding their global presence by hiring more employees outside their current locations such as Israel, Los Angeles and Seattle.
Investment in Research and Development
Since its inception, CyCognito has been focusing on bringing innovative and transformative solutions to security issues in the enterprise. Our technology and services help organisations protect their assets from attackers by giving them visibility and control of their attack surface. As part of our continued commitment to enterprise security, we plan to use the funding to invest heavily in research and development.
We will increase our research budget to advance our security threat detection technologies, focusing on those currently not addressed by existing solutions. This includes areas like robustness-based cyber security, which looks at how resilient an organisation’s defences are against cyberattacks; automated penetration testing; machine learning algorithms for detection and visualisation of attack surfaces; integrations with popular cloud hosting platforms and open source hardware platforms; as well as improved other aspects of analytics with natural language processing algorithms. These investments will provide our customers with the best tools to quickly assess their risks and defend their businesses against today’s sophisticated threats.
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