Cyware Raises $30 Million in Series C Funding to Revolutionize Security Operations

In a significant development in the cybersecurity landscape, Cyware, a pioneering startup focused on modernizing security operations for enterprises, has announced the completion of its Series C funding round. Led by Ten Eleven Ventures, this latest investment brings Cyware’s total raised to $73 million. Advent International, Zscaler, Emerald Development Managers, Prelude, and Great Road Holdings also participated in this funding round.

Founders’ Background and Vision

Cyware was founded in 2016 by Anuj Goel and Akshat Jain, two seasoned professionals with a deep understanding of the security landscape. Goel, who previously led efforts to research and implement ways to overcome silos within large security teams at companies like Citi, brings a wealth of experience in driving innovation in cybersecurity. Jain, on the other hand, comes from Big Tech companies like Oracle and Adobe, where he specialized in building distributed systems.

According to Goel, Cyware’s founders saw an opportunity to integrate threat intelligence with threat hunting, vulnerability, and incident data through prebuilt workflows. This vision is centered around creating a multidimensional approach to security operations that enables enterprises to respond proactively and effectively to threats.

Cyware’s Platform: A Game-Changer in Security Operations

At the heart of Cyware’s platform lies its ability to automate various threat-combating applications, making it an invaluable resource for security teams. The platform offers both no-code and low-code capabilities that enable teams to collaborate seamlessly on threat intelligence sharing. This real-time collaboration is crucial in heading off attacks before they cause significant damage.

Moreover, Cyware hosts a network of connected enterprise security teams with third-party threat data providers. This integrated approach allows teams to receive valuable insights from vetted sources, including information about vulnerabilities and other critical threats.

AI-Powered Threat Intelligence

Cyware’s platform utilizes AI to extract relevant information from threat intelligence data, score the severity of threats, and cluster similar threats together. This intelligence is then combined to generate actionable reports with key insights that help security teams make informed decisions.

The AI component also provides code suggestions for security orchestration, generates detection rules and signatures, and can be integrated into existing threat detection systems. By automating repetitive tasks and enhancing the speed of response, Cyware’s platform empowers large security teams to operationalize actionable threat intelligence more effectively.

Growing Customer Base and Market Presence

Cyware has made significant strides in its market presence, with a growing customer base that includes Fortune 1000 companies, government agencies, and regulatory bodies. The startup currently employs over 200 individuals and does not plan to expand its headcount significantly in the near future.

Goel emphasizes that this strategic decision reflects Cyware’s focus on leveraging its existing strengths to further enhance its platform and meet the evolving needs of its customers.

Market Trends and Fundraising

Cyware’s fundraising is a testament to its strength in a relatively weak market. According to Crunchbase, cybersecurity venture capital funding dropped 58% year-over-year in Q1 2023, with deal flow plummeting to 149 deals – a 45% drop from Q1 2022.

In this context, Cyware’s Series C funding round serves as a vote of confidence in the company’s innovative approach and its potential for growth. The proceeds will be used to expand Cyware’s go-to-market efforts, market presence, channel business, and strategic partnerships.

Cyware’s Impact on Security Operations

As the cybersecurity landscape continues to evolve, Cyware is poised to play a pivotal role in shaping the future of security operations. By leveraging AI-powered threat intelligence, automating repetitive tasks, and enhancing collaboration between teams, Cyware’s platform offers a comprehensive solution for enterprises seeking to upgrade their security posture.

With its growing customer base, strategic fundraising, and commitment to innovation, Cyware is well-positioned to drive significant change in the industry and help organizations stay ahead of emerging threats.