Cynomi, the virtual CISO platform, raises $ 3.5 million led by Flint Capital
Cynomi launches the AI-based cybersecurity platform that will enable the delivery of enterprise-grade cybersecurity capabilities on a large scale.
London, February 3, 2022 – Cynomi, a virtual CISO platform for service providers and SMBs, announced today that it has received $ 3.5 million initial funding from Flint Capital, SeedIL, Lytical Ventures and a group of business angels, including Nir Giller, co-founder of CyberX (acquired by Microsoft). The company has also received two grants totaling $ 500,000 from Innovate UK. The funds will be used to broaden its research and development efforts and expand and strengthen the company’s presence in the US and UK markets.
Cynomi, led by a team of former Israeli Defense Forces cyber security veterans, focuses on small and medium-sized businesses that rely on managed service providers and managed security service providers for ongoing operations. With over 40% of the world’s companies having 500 employees or fewer, the middle market is a prime target for hackers. The cost of the attacks varies widely. One out of six companies attacked say that their survival has been threatened. IT security companies’ IT budgets have increased 63%. Cynomi aims to address the growing cyber threats in the intermediate market by providing enterprise-grade cybersecurity solutions at scale.
“Billions of dollars are invested to protect businesses, while SMEs are left behind. Small and medium-sized businesses are substantially less equipped to deal with the ever-growing threat landscape: they lack budget and staff, they are more prone to the devastating effects of possible attacks. We emulate a human CISO, automatically providing IT and cybersecurity teams with a targeted assessment and priority corrective action plan “, Notes David Primor, co-founder and СЕО of Cynomi.
By automating previously manual operations, Cynomi enables managed service providers supporting small and medium businesses to deliver enterprise-grade cybersecurity services at superior quality, scale, and rate. The solution’s automated and customized security policies and priority action plans help customers build and execute an effective NIST-based cyber strategy in hours rather than days. The team is already working with HOT, one of the largest telecom companies in Israel, and with a growing number of MSPs and MSSPs in the US, UK and Israel.
“When considering investments in a cybersecurity startup, the leadership and the teams behind them are the first things we look at. Cynomi’s team has extensive experience in cybersecurity and problem solving in the frequently targeted mid-market “, Notes Sergey Gribov, partner of Flint Capital.
The global cybersecurity market has been evaluated $ 163.53 billion in 2019 and by 2030, the market is expected to be worth $ 430.46 billion. The market for managed service providers is expected to grow $ 354.8 billion by 2026 and for Managed Security Service Providers the forecast is $ 43.7 billion by 2026.
Cynomi empowers cybersecurity professionals to effectively manage cyber risk, compliance and operations with enterprise-grade automated cybersecurity services on an unprecedented scale. Its AI-based algorithm helps build and execute an effective tailored cyber strategy quickly. With Cynomi, MSPs, MSSPs, and IT consulting firms are able to provide better service to more clients, while reducing operational costs, knowledge gaps and abandonment. Automated cyber risk, vulnerability and posture scans enable MSPs to rapidly expand their sales pipeline, accelerate deals, increase sales and increase revenue. Customers across all major industries rely on Cynomi to optimize their IT position, expand their offering, maximize their return on their security investment, and drive growth.
Cynomi secures £ 2.58m investment in seed led by Flint Capital – UK technology investment news
Source link Cynomi secures £ 2.58m investment in seed led by Flint Capital – UK technology investment news