附近上门

New York-based locked in a $30 million Series B after growing annual recurring revenue 120 percent last year and just seven months after raising its Series A.

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The new round was led by through and . It also included participation from previous investors 鈥� Prelude Fund, , and . The company has raised $43 million to date.

The company announced its $10 million Series A last August. However, co-founder and CEO said the company always had a vision of raising a Series B in the early part of this year 鈥� and that idea was only reinforced when the company saw tremendous traction in the last nine months.

鈥淓ven though 2020 was a tough year for many companies, we were able to realize 120 percent (ARR) growth,鈥� he said. 鈥淲e have now seen three years of triple-digit growth.鈥�

SOARing into the market

Cyware鈥檚 鈥渧irtual cyber fusion center鈥� platform offers security orchestration, automation and response (SOAR) technologies in combination with threat intelligence features, giving enterprises greater visibility into their operations, Goel said. The platform also allows for information sharing between customers and partners to handle new threats as they emerge.

While there are several competitors in the SOAR market, like startups such as , and large players such as and , Cyware goes beyond those offerings by adding threat intelligence and creating a centralized platform for security teams, Goel said.

SOAR offerings have become popular in recent years, as many companies have limited security operation teams and need their various different cybersecurity tools to be able to communicate with each other effectively, and automatically respond to issues.

Goel said Cyware will invest the new proceeds into developing its platform, expanding its 170-person team and growing its channel partner network.

Looking ahead

, a principal at Advent International, said he has been following both the SOAR and threat intelligence spaces for some time, and as the threat landscape has grown so has the market.

While Cyware鈥檚 platform undoubtedly could be viewed as 鈥漢ighly strategic鈥� to companies looking to acquire, he said he also can see a 鈥渇ive to 10 year journey鈥� with Cyware as it becomes a large, independent company.

“I think it certainly can become a meaningful public company,鈥� he added.

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