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Cyware Lands $30M to Expand its Channel Business, Build Strategic Alliances

Dollar Seedling – Growth Concept – Sprout On Banknotes In Increase

Cyware, a product-based artificial intelligence (AI)-powered cyber fusion platform for enterprises and managed security service providers (MSSPs), has scored a $30 million Series C capital infusion.

The company said it will use the new funding to underwrite growth, accelerate the channel business and build new strategic alliances while expanding its global footprint. The funding round was led by Ten Eleven Ventures, an investment firm specializing in cybersecurity. Previous investors joined the round including Advent International, Zscaler, Emerald Development Managers, Prelude, the venture practice at Mercato Partners and Great Road Holdings.

Cyware's Total Funding: The Numbers

Cyware’s total funding now stands at $73 million, according to Crunchbase. The additional investment comes as the privately-held Cyware said it has grown 6x since a Series A financing round in August, 2020. The company said its growth has been propelled by increased market adoption, customer retention and widened market access. Seven months after the Series A funding, Cyware picked up $30 million in Series B funding.

Anuj Goel, Cyware chief executive and co-founder said that silos make it challenging for security teams to see the bigger picture:

“Security teams today face an overwhelming amount of data, but silos across data, processes and technologies make it very challenging to see the bigger picture and proactively stop threats. Our mission at Cyware is to break down these silos, integrate threat intelligence into SOC operations, make it easy for teams to automate response and act immediately to anticipate and stop threats.”

Cyware Partner Program Background

Last month, Cyware said MSSPs and managed detection and response (MDR) providers could join its new CywareOne partner program to expand their portfolios. The channel program is designed to include MSSPs and MDR providers that have built an established and mature practice around security consulting, security solutions and managed security services. At announcement Cyware said it had already partnered with several high-profile security providers, including GuidePoint Security, Ernst & Young, Optiv, Morado and SHI.

Participation in CywareOne gains partners the ability to transform their security operation centers into cyber fusion centers; security advisory sharing; security orchestration, automation and response (SOAR); and threat intelligence automation. The program provides partners with co-marketing opportunities, discounts, training and dedicated support.

Cyware said its technology platform is also geared towards enterprises to share threat intelligence with their distributed businesses, clients and suppliers, and benefit from automated collective defense against ransomware, supply chain attacks and zero-day vulnerabilities.

D. Howard Kass

D. Howard Kass is a contributing editor to MSSP Alert. He brings a career in journalism and market research to the role. He has served as CRN News Editor, Dataquest Channel Analyst, and West Coast Senior Contributing Editor at Channelnomics. As the CEO of The Viewpoint Group, he led groundbreaking market research.