Israeli cybersecurity firm CyCognito said on Wednesday it had raised a $ 100 million Series C fundraiser at a valuation of $ 800 million, led by The Westly Group. New investors Thomvest Ventures and The Heritage Group joined the cycle alongside existing investors Accel, Lightspeed Venture Partners, Sorenson Ventures and UpWest. This new funding brings the total amount raised by the company to $ 153 million, all raised in just three and a half years since the creation of the company. Among the company’s early notable investors was John Thompson, the former president of Microsoft.
The CyCognito Platform autonomously creates a graphical data model that describes the business structure of an organization, from the name of the company to the hundreds of departments, subsidiaries, acquisitions, and brands that an organization owns. The platform then scans billions of servers and devices across the internet to contextualize and identify internet-exposed and unmanaged assets that could serve as entry points for attackers.
CyCognito was founded in 2017 by former soldiers of the Israeli intelligence unit Rob Gurzeev and Dima Potekhin. The company has offices in Tel Aviv and Palo Alto. About 90 of its 140 employees work in the Tel Aviv development center.
“Most attacks against organizations occur because of unknown or unmanaged servers, applications and cloud servers,” said Rob Gurzeev, CEO and co-founder of CyCognito. “Attackers are smart and look for weak points in organizations. Organizations sometimes spend hundreds of millions of dollars on cybersecurity but are hacked because of a server they are not even aware of, but which is giving access to their network. That’s why we have developed an intelligence platform that autonomously maps the organization’s attack surface and identifies weaknesses.
CyCognito said several Fortune 500 companies including Colgate-Palmolive, Tesco and Scientific Games Corporation, as well as government groups like the State of California, were using its platform and that over the past 12 months the company had generated 4 times as many new ARRs.
“We’re building something for the long term, so the valuation was less important to us,” Potekhim told Calcalist. “We could have made more money at a higher valuation, but we wanted top investors and that’s why we went for that valuation. We built quietly to show that our product works. unicorn is coming. “