Tel Aviv, Israel - February 10, 2021 - CYE, the industry leader in cybersecurity optimization platforms, announced today that it has raised a $100 million financing round, led by the global investment organization EQT, with participation from existing investor, 83North. The investment – EQT’s first in an Israeli company - follows five years of partnership and will be used to continue CYE’s hyper-growth in the global market.
Over the last several years, there has been an explosion in the number of cybersecurity solutions introduced to the market, and concurrently, a significant increase in corporate security budgets. And yet, inefficiencies and vulnerabilities in organizations have dramatically increased during the same period. The resulting surge in security breaches has led to substantial business losses, such as unprecedented financial and reputational damage, underscoring the need for organizations to shift their approach to cybersecurity.
CYE is committed to building solutions that enable organizations to strengthen their internal capabilities with low dependency on the cybersecurity products they use, helping them take full control of their cybersecurity posture. CYE also enables security leaders to identify which business assets are at risk, prioritize them based on critical business impact, and execute cost-effective remediation projects for optimal risk prevention.
Hyver, CYE’s flagship product, uses advanced algorithms and graph modeling to conduct a comprehensive and accurate cybersecurity assessment, covering the entire organization, as well as third-party vendors. Highly experienced ‘red teams’ then perform real non-simulated attacks, allowing CYE to accurately predict possible attack routes, giving customers the ability to prevent such attacks before they occur, as well as the knowledge of where resources need to be invested.
“As hackers increasingly deliver devastating attacks, causing millions of dollars in lost revenue and productivity, CEOs of global companies have come to understand that accurately assessing cyber risk begins with them,” said Reuven Aronashvili, Founder and CEO of CYE. “We are well past the point where companies can limit cyber threats to one department. Today’s attacks can hit the core of any business, essentially crippling the company. At CYE, we are laser-focused on building a company that fundamentally changes the way organizations approach cybersecurity, enabling them to accurately assess the most urgent threats to their business. As we continue to build on this foundation, we are thrilled to welcome EQT as our new partner and are very excited to kickstart CYE’s next phase of expansion and innovation, and look forward to working together to make today’s organizations safer.”
In addition to working with EQT and many of its portfolio companies, CYE’s customers include global tier-one and Fortune 500 companies.
“The backing of CYE marks EQT’s first deal in Israel, which is a highly attractive market for technology investments, and a country in which EQT intends to increase its activity going forward,” said Florian Funk, Partner at EQT. “We have followed CYE's development closely over the years and we are truly impressed with the company Reuven and his team have built to date. Their approach of pairing AI-based technology, services and cyber expertise is unique in the marketplace and well-positioned for continued accelerated growth. We are proud to support CYE with both capital and competence as this investment aligns perfectly with EQT’s thematic investment focus and ambition to back high growth companies by partnering with world-class management teams. We are excited to embark on this journey of building a global cybersecurity champion together.”
“In my experience, I have come to learn that you don't invest in companies, you invest in people. CYE’s team is one of the most outstanding I have ever worked with. They combine an innovative and bold vision with stellar execution capabilities,” said Yoram Snir, Partner at 83North. “CYE is transforming the multi-billion dollar market of enterprise cybersecurity and we believe they are well on their way to becoming the market leader.
CYE brings a fact-based approach to organizational cyber defense, managing real business risks and optimizing cybersecurity investments. CYE serves as a trusted advisor to medium-size and Fortune 500 companies in multiple industries around the world.
CYE has 80 employees, is headquartered in Israel, and has offices in the US and UK.
For more information, please visit www.cyesec.com
EQT is a purpose-driven global investment organization with more than EUR 84 billion in raised capital and over EUR 52 billion in assets under management across 17 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtgroup.com
83North is a global venture capital firm with more than $1B under management that invests in European and Israeli entrepreneurs creating global businesses. We back founding teams of consumer and enterprise companies across all stages.
83North is the sum of the latitudes of London and Tel Aviv – our two main hubs of operation
More info : https://www.83north.com