UPDATED 09:00 EDT / DECEMBER 01 2021


Cybersecurity startup CyCognito raises $100M in round led by Westly Group

Cybersecurity startup CyCognito Inc. today announced that it has raised $100 million in new funding.

The Westly Group led the Series C round. Also participating were Thomvest Ventures, The Heritage Group, Accel, LightSpeed Venture Partners, Sorenson Ventures and UpWest. Including the new funding, the company has raised $154 million to date, including a round of $30 million in July 2020.

Founded in 2018, CyCognito seeks to solve one of the most fundamental business problems in cybersecurity: how attackers view an organization. This includes where they are most likely to break in, what systems and assets are at risk and how to eliminate exposure.

CyCognito claims to offer the first external Attack Surface Management platform that delivers a complete solution to prioritize, investigate and respond to potential security risks quickly. The company’s platform identifies and eliminates critical security risks in an organization’s information technology ecosystem using what it describes as “shadow risk that attackers seek.”

Under the hood, CyCognito’s platform leverages advancements in machine learning and natural language understanding to autonomously build a graph data model that portrays an organization’s business structure. This starts at the company’s name through to the hundreds of departments, subsidiaries, acquisitions and brands an organization owns. The platform then scans billions of servers and devices across the Internet to contextualize and identify internet-exposed and unmanaged assets that could serve as entry points for attackers.

The company has seen strong growth, with annual recurring revenue increasing 400% over the last 12 months and includes several Fortune 500 companies among its customer base. Notable clients include Colgate-Palmolive Co., Emerson Electric Co., Tesco plc, Bertelsmann SE & Co. KGaA, the City of Copenhagen, the State of California, HumanAPI Inc., Storebrand ASA, Apria Healthcare Group Inc., MacAndrews & Forbes Inc. and Axel Springer SE.

“Our No. 1 priority is to provide global enterprises with world-class attack surface protection,” Rob Gurzeev, co-founder and chief executive of CyCognito, said in a statement. “Our proactive approach to discovering and prioritizing risk is unmatched in the industry and provides security teams with the insight and confidence to quickly preempt potential attacks.”

Image: CyCognito

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