Breach protection solutions provider Cynet on Monday announced that it has raised $18 million in a Series B+ funding round, which brings the total raised by the company to $38 million.
Cynet previously raised $13 million in a Series B funding round in June 2018. The latest round was led by Telekom Innovation Pool (TIP), which is Deutsche Telekom’s strategic investment fund advised by investment management group DTCP. BlueRed Partners, Merlin International, Norwest Venture Partners, and Ibex Investors also took part in the Series B+ round.
Cynet says it plans on using the money to fuel growth in the U.S. and international markets, continue improving its platform, and boost its CyOps team, which provides 24/7 monitoring, tracking, insight and response services.
Founded in 2015, Cynet has developed a platform, named Cynet 360, designed to help organizations of all sizes detect threats and respond to incidents by automating monitoring, attack prevention and detection, and response orchestration capabilities.
Cynet 360 is powered by the company’s Sensor Fusion technology, which continuously collects and analyzes endpoint, file, user, and network activity across the customer’s entire environment.
“With the current shortage in cybersecurity talent and increasing resource constraints, enterprises of all sizes need to simplify their product stacks,” commented DTCP analyst Florent-Aurélien Couturier-Crouzillac. “Cynet is addressing that problem at its core by combining a broad range of security features in a robust breach protection platform which enables its customer to reduce operational overhead, maintenance efforts, and manual inputs to a minimum.”
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