Small and medium businesses are the newest targets for cybersecurity attacks, with 1 in 3 Breached last year. SMBS SRE BOCCECTION More Proactive in Detecting and Stopping these Threats, And Today a Startup Called Cynomi Is Announcing $ 37 Million in Funding to Meet that Demand.
Insight Partners and Entrée Capital Are Co-Lading The Round, With Previous Backers Canaan, Flint Capital, and S16VC also participating. Cynomi Previous Raised Around $ 23 Million (Including this Seed round We covered in 2022). We undersrstand from sources close to the deal that Valuation Post-Money is more than $ 140 million.
London and Tel aviv-based cynomi was founded by Ceo David Primor, a Phd Who Previous was the cto and head of r & d of the israeli defense forces; And Coo Roy Azoulay, Whose Experience Spans Being A Founder (His Last Company was one of the big innovators in deepfake detection) and a spotter of another founders (He Started and Led the fir Oxford University, Making a Big Return when an Early Portco, Onfido, Sold for a Big Return). Their combined cyber and market-timing experience is playing out in an interesting way in this latest venture.
Cynomi Leans, at a Basic Level, Into the trend of using ai-spoiled agents and copilots to do complicated and high-Volume work, but it’s also pushing the boundaries of what we are in aisa ais ais to know
CEO Primor describes cynomi’s product not as a copilot but as a “virtual ciso”-an automated, AI-Based Decision Maker Helping Smaller Organizations Undrstand How to Run his seconds.
Around that, it’s building from the ground up a number of actions and tools that virtual ciso is capable of carrying out: it can assess a network, plan a set of seriousness for the compensation, Provide a Remedies Plan (But Yet Remedies Itslf), Track Progress Around a Particular Plan, Run Analytics to Determine Vulnerabilites Across Across A Network, Provide RCOMMENTES REMEMENDENS REMEMENES ASSTEMINE Then Produce Reports Giving An Overview of Overall Network Status and Health.
All of this, in turns, is not sold directly by cynomi to via third parties like service providers that SMBS Typically Use For Network Connectivity and other Managed Services.
The gap in the market that cynomi is built upon is a very large one.
Malicious hackers in the past focused exclusively on the More Valuable Target of Larger Businesses. But these days, using Ai and other automated techniques, they have started to focus on the long tail in the market. SMBS AR
SMBS THEMSELVES FACE SOME PARTICURLARANGES, However, Around Budget and Manpower, and that is where a product like Cynomi’s comes in.
“A virtual ciso service can start at $ 10,000 to $ 12,000 a year,” notes azoulay, the cooo. “A human ciso would be about 10 to 15 times that. It’s about having the knowledge and to be a sophisticated buyer in the sense of finding that ciso. [be online] The full week, 52 weeks a year. ”
And that formula, so far, have worked. Cynomi’s Business Has Seen Its Arr Triple in the Last Year, Primor said, with more than 100 service provider and consultancies – Including Big Telcos Like Deutsche TELEKOS Services to their tens of thirds of SMB customers. Some 80% of its customers are in the us – an Intensive Initial Focus that it will be now widden to europe and Evently other other markets.
The Funding will be used for more r & d and business development believer the startup believes there is an even bigger opportunity ahead Than just Virtual Cisos.
“The Cyber Security Consulting Space is a $ 163 billion business, but we beed it does it does not really have an operating system,” said azoulay. “We believe cannomi can be that operating system.”
There are dozens of cybersecurity companies out there targeting SMBS, and even a sizeable group that have identified service providers as their primery sales channel. They include the likes of Vanta, Coere, Qualys, Coro, Bastion, Guardz, Cybersmart, Cowbelland Dataguard,
Philine Huizing, MD at Insight Partners, said that it’s the “vciso” hook that reired it in as an investment. “We believe cynomi is defining a new category with its vciso platform,” She said.
Meanwhile, its focus on working with managed service provider to deliver the product means it can be tailored or augmented with whitever other services services services, Differentiate the service and keep it from being another communicated offering.
“MSPS can assess each client’s unique risk, customize strategies by industry, and efficiently manage day-to-day interactions, making them more impactful,” She added.