Cyware Lands $30 Million Funding to Modernize Cybersecurity Operations

Table of Contents

Introduction

Cyware, a pioneering startup that develops innovative products to modernize security operations for enterprises, has announced the successful completion of its Series C funding round. The funding initiative, led by Ten Eleven Ventures, has raised an impressive $30 million, bringing Cyware’s total raised capital to $73 million.

Founding Story and Vision

Founded in 2016 by Anuj Goel and Akshat Jain, Cyware aims to bridge the gap between threat intelligence, threat hunting, vulnerability, and incident data through pre-built workflows. Goel, who previously led efforts to research and implement ways to overcome silos within large security teams at companies like Citi, and Jain, who specialized in building distributed systems at Big Tech companies like Oracle and Adobe, recognized an opportunity to integrate these disparate elements.

The Power of Multidimensional Security Posture

According to Goel, "An effective and proactive security posture relies on a multidimensional approach." He emphasizes the importance of connecting the dots and quickly responding to suspicious attacks. With Cyware’s platform, organizations can automate their threat-combating applications through both no-code and low-code capabilities.

Collaboration and Threat Intelligence Sharing

Cyware’s platform extends beyond automation by facilitating real-time sharing of threat intelligence among security teams and third-party providers. This collaborative element enables organizations to stay ahead of attacks and respond effectively.

AI-Driven Insights and Automation

Cyware utilizes AI to extract information from threat intelligence data, score the severity of threats, and cluster similar threats together. The platform generates a report with key insights and provides code suggestions for security orchestration, as well as detection rules and signatures that can be dropped into existing threat detection systems.

Market Strength and Customer Base

Cyware boasts over 200 employees and maintains a growing customer base spanning Fortune 1000 companies, government agencies, and regulatory bodies. Despite its significant growth, the company doesn’t plan to expand its headcount anytime soon, citing a focus on strategic partnerships and market presence.

A Testament to Cyware’s Strength in a Challenging Market

In a relatively weak cybersecurity venture capital funding landscape, where Crunchbase reports a 58% year-over-year drop in Q1 2023, Cyware’s Series C round is a notable achievement. The company’s platform offers a unique solution that reduces repetitive tasks for threat intel and security operations analysts, automates intelligent actions to proactively prevent attacks, and delivers the right information at the right time.

Expanding Go-to-Market Efforts

The proceeds from the Series C funding will be dedicated to expanding Cyware’s go-to-market efforts, market presence, channel business, and strategic partnerships. This investment will further solidify Cyware’s position as a leader in modernizing security operations for enterprises.

Conclusion

Cyware’s success in raising $30 million in its Series C funding round underscores the growing demand for innovative solutions that integrate threat intelligence with threat hunting, vulnerability, and incident data. As organizations continue to face increasing cybersecurity threats, Cyware’s platform offers a promising approach to proactive threat response, connecting the dots between disparate elements to ensure an effective security posture.

About Cyware

Cyware is a pioneering startup developing products to modernize security operations for enterprises. Founded in 2016 by Anuj Goel and Akshat Jain, Cyware aims to bridge the gap between threat intelligence, threat hunting, vulnerability, and incident data through pre-built workflows.