Cyware, a cybersecurity startup based out of NYC, announced Tuesday it closed on a $10 million Series A funding round, which it will use to continue its growth amid the renewed interest in its platform brought on by the COVID-19 pandemic.
“Cybersecurity in general, as well as our company and the solution we offer, has picked up more during [the pandemic], as you have seen with a lot of other cloud technologies or remote technologies,” CEO and co-founder Anuj Goel told Built In. “Now, with pretty much every company being remote now, the reliance on technology has increased. And the reliance on technology means the reliance on cybersecurity also has increased to ensure that companies run properly.”
While the idea of security and collaboration in a largely virtual environment is something many companies are navigating for the first time, this is something Cyware has been tackling for years. Its Cyber Fusion platform unifies all security functions, from threat intelligence to incident response, onto a single place, providing an efficient way for companies to detect, manage and respond to whatever cybersecurity threats come their way, even if their team is working remotely.
Cybersecurity is usually pretty reactive: Most companies work to fend off attacks that are already happening. Cyware encourages these companies to be proactive, arming them with tools like a threat intelligence exchange so its customers can share threat data within their network, or security automation so teams can deploy on-demand or event-triggered security tasks more quickly.
With this in mind, Goel says the long-term goal of Cyware is to be a platform that not only improves cybersecurity for individual companies, but also makes entire industries more secure by encouraging companies to collaborate in their security efforts.
“Each individual company is a node in a bigger ecosystem within a sector,” Goel said. “I can build the best platform in the world, but if my platform cannot get information from a source or collaborate with other platforms in my space, it is not going to help in the long term.”
He continued: “Five years from now, Cyware will be known as something that fundamentally changed how companies do collective defense.... The way we are approaching this is by bringing the right players together to start sharing and being more proactive at the sector level or geography level. That proactiveness will start to help companies win this game.”
In the meantime, Cyware will be using this fresh funding to further innovate its product, double down on customer success, and grow its team, especially in its marketing and sales departments. In fact, Goel says the company plans to triple its current sales force in the next several months.
