A cybersecurity company called Cybersixgill has just raised $35 million in Series B funding. With the increase of cyber threats, companies are looking towards cybersecurity to protect their company from ruin.
Cybersixgill Aims to Provide 'Early Signals' of Potential Cyber Threats
Cybersixgill aims to provide companies with "early signals" of potential cyber threats through machine learning and automation. According to the story by VentureBeat, the company wants to bring enhanced data collection capabilities to a range of its current products.
In order to pinpoint certain "early signals" of cyber threats, the company leverages a number of sources, including the dark web, as per Sharon Wagner, the CEO of Cybersixgill, in a statement to VentureBeat.
Company Raises $35 Million in Series B Funding
The company just announced that it could raise a whopping $35 million series B funding round to help not just fund but also further the development of Cybersixgill's products. Other notable investors include the popular cybersecurity vendor CrowdStrike, a customer of Cybersixgill.
SonicWall had just reported that the number of ransomware attacks this year has doubled compared to 2021, jumping by a massive 105% compared to 2020. In addition, 83% of organizations had been victims of successful email-based phishing attacks last year.
Company Quadrupled Its Revenue in the Last Three Years
As the threat of cybersecurity grows, more and more companies are starting to see the importance in investing in companies that don't just deal with the problem when it is there but also even before the threat happens.
Based on MarTechSeries article, Cybersixgill has been experiencing extreme growth even having its revenue quadrupled and its global footprint doubling over the course of just the last three years.
Cybersixgill's Total Investment Now Up to $56 Million
The reported Series B funding was led by Pension Funds and REV Venture partners and More Provident. In addition, CrowdStrike Falcon Fund, SonaelIM, Elron Ventures, and OurCrowd have all been participating vendors.
With the addition of the latest Series B funding, the company's total investment is now up to $56 million. In addition, the funds will be used to build directly on customer momentum as well as the continual innovation of the company's "threat intelligence solutions."
Cybersixgil CEO on the Increase of Cyber Threats
On top of improving its products and customer momentum, the funds will also be used to expand Cybersixgill's global footprint, marketing, and also the growth of its sales. Wagner referenced the rise of ransomware attacks and the need for accuracy in combating cyber threats.
Wagner said that they have been able to build the largest threat intelligence data lake through automation and machine learning. The company arms its customers with earlier signals to prevent the attack and improve their overall cybersecurity position.
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Written by Urian B.
