Israel’s Cynet Raises $40M in Series C Funding for AI-Powered Cybersecurity Platform
Israel-based cybersecurity company Cynet has raised $40 million in a Series C funding round led by Greenfield Partners, with participation from existing investors Norwest Venture Partners, Vintage Investment Partners, and Deutsche Telekom Capital Partners. The funding will be used to expand the company’s global reach and further develop its AI-powered cybersecurity platform.
Cynet’s platform provides a comprehensive approach to cybersecurity, combining endpoint protection, network security, and security orchestration, automation, and response (SOAR) capabilities. The platform uses AI and machine learning to detect and respond to threats in real-time, providing organizations with a proactive defense against cyber attacks.
The Growing Need for AI-Powered Cybersecurity
As cyber threats continue to evolve and become more sophisticated, traditional cybersecurity solutions are no longer enough to protect organizations from attacks. According to a report by Cybersecurity Ventures, cybercrime is expected to cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. This growing threat has led to an increased demand for AI-powered cybersecurity solutions that can detect and respond to threats in real-time.
Cynet’s platform is designed to address this need, providing organizations with a comprehensive approach to cybersecurity that combines advanced AI and machine learning capabilities with traditional security measures. The platform is able to detect and respond to threats in real-time, providing organizations with a proactive defense against cyber attacks.
The Benefits of Cynet’s AI-Powered Platform
Cynet’s platform offers a number of benefits for organizations looking to improve their cybersecurity posture. These include:
Comprehensive Protection: Cynet’s platform provides a comprehensive approach to cybersecurity, combining endpoint protection, network security, and SOAR capabilities. This allows organizations to detect and respond to threats across their entire IT environment.
Real-Time Threat Detection: The platform uses AI and machine learning to detect and respond to threats in real-time, providing organizations with a proactive defense against cyber attacks.
Automated Response: Cynet’s platform is able to automatically respond to threats, reducing the time it takes to detect and respond to attacks.
Easy Deployment: The platform is easy to deploy and manage, with no need for additional hardware or software.
The Future of AI-Powered Cybersecurity
As cyber threats continue to evolve, the need for AI-powered cybersecurity solutions will only continue to grow. According to a report by MarketsandMarkets, the global AI in cybersecurity market is expected to grow from $8.8 billion in 2019 to $38.2 billion by 2026, at a CAGR of 23.3% during the forecast period.
Cynet is well-positioned to take advantage of this growing market, with its AI-powered cybersecurity platform providing organizations with a comprehensive approach to cybersecurity that combines advanced AI and machine learning capabilities with traditional security measures. The company’s recent funding round will allow it to further develop its platform and expand its global reach, helping organizations around the world stay protected against cyber threats.
Conclusion
Cynet’s AI-powered cybersecurity platform provides organizations with a comprehensive approach to cybersecurity that combines advanced AI and machine learning capabilities with traditional security measures. The platform is able to detect and respond to threats in real-time, providing organizations with a proactive defense against cyber attacks. With the growing threat of cybercrime, the need for AI-powered cybersecurity solutions will only continue to grow, and Cynet is well-positioned to take advantage of this growing market.
