HAMBURG, Germany, June 29, 2020 /PRNewswire-PRWeb/ -- 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.
Cynet 360 is the world's first autonomous breach protection platform that consolidates and automates monitoring and control, attack prevention and detection, and response orchestration across the entire environment. Cynet 360 delivers these capabilities by pioneering the use of Cynet Sensor Fusion™ to continuously collect and analyze all endpoint, user, file and network activities across the protected environment. This makes it the only platform capable of seeing the true context of each activity and radically different from any siloed endpoint or network solution that merely monitors parts of the overall activity, resulting in reduced accuracy and protection scope. Through its complete threat coverage, Cynet 360 eliminates the need of complex multi-product security stacks, making robust breach protection within reach for any organization, regardless of its size and security skills.
DTCP is an investment management group with $1.7 billion assets under management and advisory from corporate and institutional investors, and a portfolio of over 60 companies. The group provides venture and growth capital, private equity, and advisory services to the technology, media, and telecommunications sectors. It operates and invests in Europe, North America, and Asia out of its Hamburg, San Francisco, Tel Aviv, and Seoul offices. To learn more about DTCP, visit http://www.dtcp.capital http://www.linkedin.com/dtcp-capital, or @dtcp_capital on Twitter.
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