Cygnoito Raises $100M Series C Funding

Attack Surface Management Firm CyCognito Secures $100 Million in Funding

In the ongoing effort to defend against escalating cyber threats, organizations are increasingly adopting proactive security measures. One such strategy, known as attack surface management, focuses on identifying and mitigating vulnerabilities before they can be exploited. CyCognito, a company specializing in this area, recently announced a $100 million Series C funding round, resulting in an $800 million valuation.

Investment Details

The Westly Group spearheaded the investment, with contributions from Thomvest Ventures and The Heritage Group. Existing investors, including Accel, Lightspeed Venture Partners, Sorenson Ventures, and UpWest, also participated. This latest funding brings the total capital raised by CyCognito since its inception to $153 million.

Differentiating Factors

Numerous companies offer attack surface management solutions, but CyCognito’s CEO and co-founder, Rob Gurzeev, asserts that his company’s comprehensive approach sets it apart. The firm utilizes machine learning to gain a thorough understanding of an organization’s digital assets.

“We employ machine learning-based attack surface management to comprehensively assess external exposures,” Gurzeev explained. “Furthermore, we are the first to automate security testing across millions of assets at scale.”

Rapid Growth and Customer Base

According to Gurzeev, this methodology has fueled substantial revenue growth, with a reported increase of over 400x in the past year. While specific revenue figures were not disclosed, he did mention that CyCognito serves dozens of Fortune 500 companies.

Notable clients include Colgate-Palmolive, Scientific Games, and Tesco, demonstrating the broad appeal of their security solutions.

Expansion and Team Growth

CyCognito has experienced significant employee growth this year. Starting with 85 employees, the company anticipates exceeding 140 by year-end, with a target of reaching approximately 230 employees by the close of 2022.

Commitment to Diversity

Gurzeev emphasizes the importance of diversity within the cybersecurity industry. He believes a diverse team is crucial for effectively addressing the multifaceted challenges of modern security threats.

“We firmly believe that the diverse nature of our customers’ adversaries, and the complexity of the security landscape, necessitate a similarly diverse team,” he stated. “Diversity in backgrounds, experience, gender, and perspectives is paramount.”

Progress in Building a Diverse Workforce

Currently, approximately one-third of CyCognito’s engineering team is comprised of women, and several executive positions are held by female leaders. This representation is actively used to attract further talent from underrepresented groups, expanding the potential employee pool.

Remaining Independent

Despite receiving acquisition inquiries from various interested parties, CyCognito’s founders have consistently declined these offers. They are committed to building a substantial, independent company.

“We’ve received inbound interest from strategic acquirers, but we’ve strategically decided against pursuing those options,” Gurzeev confirmed. “We believe we possess a significant opportunity to establish a leading company in this space.”