New York & Ramat Gan, Israel—September 10, 2014 – LightCyber (www.lightcyber.com), a leading provider of breach detection and response solutions, announced today that it has raised $10 million in a new funding round led by Battery Ventures with participation from existing investors Glilot Capital, which led the company’s previous round, and Marius Nacht, the founder of Check Point Software (CHKP). It also announced that Itzik Parnafes, general partner of Battery Ventures, will join LightCyber’s board of directors.
The new funds will be used to expand LightCyber sales and marketing operations in the U.S. market to meet the increasing demand from enterprise customers for its flagship automated breach detection product – LightCyber Magna. The product helps companies mitigate the damage from cybercrime through early detection of active attacks that managed to penetrate existing security controls. LightCyber was recently named a ‘Cool Vendor’ by Gartner and was a top 10 finalist for RSA® Conference’s 2014 Innovation Sandbox Most Innovative Company award. It also recently announced a strategic partnership with Check Point Software, providing joint customers with early breach detection, immediate response and advanced security protection.
“Battery Ventures is the ideal partner to join LightCyber shareholders as we expand our leadership position in the breach detection market,” said Gonen Fink, chief executive officer of LightCyber. “Battery is an experienced, global investor with deep knowledge about the enterprise space, and we are excited the firm is partnering with LightCyber to help us grow our expanding footprint in this sector. Over the past few months, we have deployed our solution in dozens of new enterprise customers around the world, responding to breaches on a daily basis, and the additional funds will allow us to further accelerate the market delivery of our breach detection platform.”
"In today's landscape of advanced, persistent threats, old-fashioned, perimeter security measures are no longer sufficient," said Battery's Parnafes. "Today, a company's security arsenal must contain technology that can identify malicious activity in the internal network with a minimum of false-positives. We were impressed by LightCyber’s vision to solve this challenge and with its world-class talent and technology that enable such a solution, and we are proud to partner with the company."
With existing security controls failing to protect against advanced threats, the cost of cybercrime in the U.S. has risen by approximately 30 percent in the past 12 months. As a result, Gartner estimates that enterprise budget allocation for rapid detection and response products will grow from 10 percent in 2014, to 60 percent by 2020. However, most of the advanced threat detection solutions identify malware or anomalies, leaving it up to organizations to determine if a breach has actually occurred, incurring significant operational cost and limited efficiency.
LightCyber Magna enables organizations to quickly and cost effectively identify and mitigate attacks on their networks. It is the first solution to combine network and endpoint analysis into a single detection engine and automatically and accurately detects active breaches, allowing organizations to effectively and efficiently remediate those breaches and secure their networks.
About Battery Ventures
Battery invests in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, e-commerce, digital media and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to buyout and invests globally from offices in Boston, Silicon Valley and Israel. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.
LightCyber is a leading provider of advanced breach detection solutions that protect organizations from targeted threats and cyber-attacks. LightCyber Magna™ is the first product to analyze both network traffic and endpoint information to understand the behavior of users, devices and applications and to detect compromised computers and stolen credentials early in the attack lifecycle, allowing users to remediate breaches and stop attacks before the damage is done. Founded in 2011 and led by world-class cyber security experts and a seasoned management team, the company's products have been successfully deployed by top-tier customers in the financial, legal, telecom, government, media and technology sectors. For more information, please visit http://www.lightcyber.com.