New York-based Cyware locked in a $30 million Series B after growing annual recurring revenue 120 percent last year and just seven months after raising its Series A.
Subscribe to the Crunchbase Daily
The new round was led by Advent International through Advent Tech and TenEleven Ventures. It also included participation from previous investors Mercato Partners’ Prelude Fund, Emerald Development Managers, Great Road Holdings and Zscaler. The company has raised $43 million to date.
The company announced its $10 million Series A last August. However, co-founder and CEO Anuj Goel said the company always had a vision of raising a Series B in the early part of this year — and that idea was only reinforced when the company saw tremendous traction in the last nine months.
“Even though 2020 was a tough year for many companies, we were able to realize 120 percent (ARR) growth,” he said. “We have now seen three years of triple-digit growth.”
SOARing into the market
Cyware’s “virtual cyber fusion center” platform offers security orchestration, automation and response (SOAR) technologies in combination with threat intelligence features, giving enterprises greater visibility into their operations, Goel said. The platform also allows for information sharing between customers and partners to handle new threats as they emerge.
While there are several competitors in the SOAR market, like startups such as Swimlane, and large players such as IBM and Palo Alto Networks, Cyware goes beyond those offerings by adding threat intelligence and creating a centralized platform for security teams, Goel said.
SOAR offerings have become popular in recent years, as many companies have limited security operation teams and need their various different cybersecurity tools to be able to communicate with each other effectively, and automatically respond to issues.
Goel said Cyware will invest the new proceeds into developing its platform, expanding its 170-person team and growing its channel partner network.
Eric Noeth, a principal at Advent International, said he has been following both the SOAR and threat intelligence spaces for some time, and as the threat landscape has grown so has the market.
While Cyware’s platform undoubtedly could be viewed as ”highly strategic” to companies looking to acquire, he said he also can see a “five to 10 year journey” with Cyware as it becomes a large, independent company.
“I think it certainly can become a meaningful public company,” he added.
Illustration: Dom Guzman
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.