The Rising Importance of Cybersecurity Collaboration

The prevalence of malicious hacking continues to increase for numerous organizations, presenting a constantly evolving and increasingly complex threat. A successful strategy for mitigating these risks involves enhanced collaboration – not simply deploying various security services, but establishing environments that foster improved cooperation among cybersecurity professionals.

Cyware Secures $30 Million in Series B Funding

Cyware, a New York-based startup, has developed a platform enabling organizations to establish and manage virtual “cyber fusion centers.” These centers facilitate the sharing of threat intelligence, automate security processes, and orchestrate comprehensive threat responses. The company has recently secured $30 million in Series B funding to further its business expansion.

Investment Details and Key Players

The funding round was co-led by Advent International and Ten Eleven Ventures. Advent International gained prominence in the cybersecurity sector through its acquisition of Forescout for $1.9 billion in partnership with Crosspoint. Ten Eleven Ventures specializes in investments within cybersecurity startups. Additional participation came from Prelude Fund, Emerald Development Managers, Great Road Holdings, and Zscaler, representing a blend of financial and strategic investors.

The Shift to a Digital Landscape

The past year has witnessed a significant migration of business operations online, with remote work becoming commonplace and consumers increasingly relying on digital platforms for browsing, purchasing, and entertainment. Consequently, digital channels have become the primary focus of activity.

Growth in the Cybersecurity Realm

This digital shift has naturally impacted the cybersecurity landscape, leading to an expansion of both the threat environment and the necessary security responses. Cyware reported a 120% year-over-year increase in annual recurring revenue, though specific revenue figures remain undisclosed. Its clientele includes large enterprises, information sharing communities (ISACs), and managed security service providers.

The Collaborative Nature of Modern Hacking

Contrary to the common image of a solitary hacker, malicious cyber activity often involves collaboration among multiple individuals, sharing insights, technologies, and developing attack strategies. Cyware’s platform reflects this reality by prioritizing collaboration and providing tools to streamline these processes.

SOAR and Unified Security Operations

Cyware leverages security orchestration, automation, and response (SOAR) technologies to enhance team collaboration, improve threat scoring accuracy, and facilitate more effective responses to security alerts. A significant challenge for many security teams is the cross-functional nature of their work, spanning IT, compliance, trust and safety, and core security functions. Cyware aims to unify these departments, creating a central hub for information exchange.

Cyware’s Vision for the Future of Security

“Security operations teams have historically struggled to process vast amounts of threat data and integrate human expertise into their security orchestration strategies,” stated Anuj Goel, PhD, co-founder and CEO of Cyware. “Our Virtual Cyber Fusion platform empowers customers to unite their security teams, efficiently address critical threats by connecting disparate data points, and our current momentum validates our approach. This Series B funding will enable us to exceed customer expectations, expand our team, refine our platform, and revolutionize collaboration between security operations and threat intelligence teams.”

Leadership and Expertise

Cyware was co-founded by Anuj Goel and Akshat Jain. Mr. Goel previously served as head of global cyber strategy for Citi and currently advises the Centre for Strategic Cyberspace in London, bringing extensive experience in collaborative cybersecurity approaches.

Investor Confidence and Customer Trust

Investors were drawn not only to the company’s growth trajectory but also to its impressive roster of customers, including prominent leaders in the cybersecurity industry.

Advent International’s Perspective

“In today’s interconnected world, organizations of all sizes require innovative cybersecurity solutions,” commented Eric Noeth, principal at Advent International. “Cyware’s rapid adoption by leading enterprises and ISACs demonstrates its unique ability to integrate key security functions, enabling proactive threat anticipation, contextualization, and remediation. We are confident in supporting the Cyware team in establishing its Virtual Cyber Fusion platform as the industry standard for enterprises globally.”