附近上门

, which helps identify and eliminate the critical security risks in an organization鈥檚 IT ecosystem, secured a $30 million round of Series B funding to expand its unique approach to assessing risk.

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led the round with participation from previous investors , and . This round brings the Palo Alto, California-based company鈥檚 total funding to $53 million since it was formed in 2017, CyCognito鈥檚 co-founder and CEO , told 附近上门 News. The new funding comes seven months after the company raised an , according to 附近上门 data.

The company鈥檚 founders have backgrounds at intelligence agencies and went out on their own after helping security teams understand how attackers get into the devices within their companies and where a potential compromise could come from, Gurzeev said.

鈥淎ttackers win most of the time, but their recognizance process takes weeks or months,鈥� he said. 鈥淲e want to be finding what attractive assets a company has that could be exploited, automate the process for building a robust infrastructure–in hours rather than months–and show value that way instead of deploying agents.鈥�

The new funding will enable CyCognito to expand all of its teams, including sales, marketing and engineering, as well as provide more product development to uncover additional use cases around vulnerability and asset management, Gurzeev said.

On-track investment

Gurzeev said bringing on Accel as an investor shows that the company is on track with its approach. Accel has been the go-to investor for cybersecurity over the last decade, he added.

CyCognito鈥檚 investment follows recent fundings by Accel in startups, including a made last week in , which is developing a platform for companies to manage security and privacy challenges in their on-premise and cloud data platforms. Gurzeev also noted Accel鈥檚 legacy of investments including a in in 2018, as well as a funding of y back in 2012.

As part of the new investment, , partner at Accel, will join CyCognito鈥檚 board.

Wolford said in a written statement that CyCognito鈥檚 approach was a fresh take on eliminating a company鈥檚 exposure and protecting it from a cyber attack.

鈥淲ith digital business initiatives playing a fundamental role in whether a company thrives or fails, it is inevitable that some systems are exposed or outside of the company鈥檚 direct control,鈥� Wolford said. 鈥淭he CyCognito platform is essential for companies to ensure optimized business without undue risk.鈥�

Next steps for CyCognito

Meanwhile, after having 10 times the revenue growth in 2019, CyCognito is poised for three or five times the growth in 2020, Gurzeev said. After acquiring dozens of customers in the last three years, the company now has a team of 75 people in Palo Alto and Tel Aviv. It is also building partnerships 鈥渨ith some of the most edgy and biggest integrators and partners,鈥� he added.

And, the company has more offerings it will release over the next couple of years to address the end-to-end business process of understanding what assets a company has, what is at risk and remediation of those security weaknesses.

鈥淐ompanies are using 10 to 15 tools that cost millions of dollars and take dozens of people to deploy them,鈥� Gurzeev said. 鈥淲e want to change how that is done, since it has not been changed in 25 years, and our clients are excited to help us.鈥�

Product photo: courtesy of CyCognito
Photo: iStock