Cyware Labs Inc., a maker of so-called cyber fusion software designed to help companies more effectively protect their systems against hacking attempts, has closed a $30 million funding round led by Advent International and Ten Eleven Ventures.
Announced today, the Series B investment also included the participation of several returning backers. Cyware has raised a total of $43 million to date.
New York-based Cyware provides a suite of software products designed to help enterprise cybersecurity teams more easily collect information on threats and respond to them. The startup’s software uses an approach it calls cyber fusion to aggregate threat information from multiple different sources, then turn the raw data into a form a company’s network protection experts can work with.
Cyware fuses a company’s internally generated security data, such as suspicious activity alerts generated by antivirus tools, with external information. That external information can include, among other things, data on hacker activities supplied by a commercial threat intelligence provider, or malware advisories from regulatory bodies. The startup uses machine learning to organize the incoming data points, check their accuracy and remove duplicate items.
Cyware’s software can trigger various automated actions in response to the threat information it collects. A company’s cybersecurity team could, for example, configure the software to run an antivirus scan automatically on systems that exhibit unusual activity and, if malware is found, disconnect them from the network. When an incident is too complex to remediate automatically, Cyware’s algorithms can send alerts to members of the cybersecurity team.
In addition to enterprises, the startup says its technology is used by information sharing and analysis centers to support their activities. An information sharing and analysis center is an industry body that helps companies in a given market segment share data with each other about hacking campaigns targeting their vertical. Cyware says multiple such organizations have standardized their operations on its platform.
In 2020, the startup claims, strong demand for its software boosted annual recurring revenues by 120%, off an undisclosed base. To keep up the momentum, Cyware will “significantly expand” its global sales and channel partner operations using its latest $30 million funding round. The startup plans to hire more staff across other departments as well.
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