The Telekom Innovation Pool (TIP), Deutsche Telekom’s strategic investment fund advised by DTCP, announces its investment in the $18 million Series B+ funding round in Cynet, an autonomous breach protection company. TIP was joined by new investors BlueRed Partners and Merlin International. Existing investors Norwest Venture Partners and Ibex Investors also participated in the round. The company now has raised a total of $38 million.
The funding will be used to reach the cybersecurity company’s three main growth objectives. The geographical objective is to fuel Cynet’s high velocity growth in the U.S. and international markets. The investment will also enable the autonomous breach protection pioneer’s engineering workforce to maintain its technological edge, and to further develop the company’s CyOps team so they can continue to provide critical customer support amidst increasingly complex cyber threats.
Cynet was founded in 2015 by security experts Eyal Gruner and Netanel Amar with the sole purpose of bringing breach protection within reach of any organization, regardless of size and security skills, thus resulting in the Autonomous Breach Protection with the Cynet 360 platform. The Autonomous Breach Protection solution provides the customer with best-of-breed adaptive protection—from the widest set of commodity and advanced threats—with zero operational overhead, zero maintenance efforts, and zero manual operation.
With the increase in frequency, scope, sophistication level, and severity of cyberattacks, companies must be prepared to combat cybersecurity. It is particularly challenging for small- and medium-sized enterprises (SMEs) to find budget for, and integrate and manage, a broad range of siloed solutions. Cynet had SMEs in mind when developing their tools. The breach protection company covers a broader range of security concerns than other players and offers solutions that meet SME budget and IT department size constraints, whilst guaranteeing easy deployment. Cynet also offers one of the best tools for standardized and automated managed cyber defence with strong Endpoint Detection and Response (EDR) forensic and auto-remediation capabilities.
“With the current shortage in cybersecurity talent and increasing resource constraints, enterprises of all sizes need to simplify their product stacks,” says 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.”
Telekom Security, the cyber security unit of Deutsche Telekom, is leveraging Cynet’s technology to address the SME market. “There is a growing need for integrated solutions, enabling our customers to more easily manage the high complexity of security. The combination of Cynet’s solution portfolio with our managed service offering is a great way for Telekom Security to fulfill this expectation,” stated Thomas Fetten, CEO of Telekom Security. Telekom Security addresses SME customers looking for security services from trusted partners in Germany and Europe.