XDR Firm Cynet Raises $40 Million Series C Funding


Venture funding continues to flow this week, with extended detection and response (XDR) firm Cynet adding $40 million to its coffers via a Series C funding round led by Greenfield Partners.

Cynet

Founded in 2015, Cynet offers an autonomous XDR platform designed to help organizations of all sizes detect threats and respond to incidents by automating monitoring, attack prevention and detection, and response orchestration capabilities. Dubbed Cynet 360, the platform leverages sensors that continuously collect and analyze endpoint, file, user, and network activity across the customer’s entire environment.

According to the company, the added funding will be used to support growth and maintain its expansion in the North American and European markets.

Cynet previously raised $13 million in a Series B funding round in June 2018, and $18 million in a Series B+ round in June 2020.

Cynet’s platform is backed by a 24/7 Managed Detection and Response (MDR) service that is included for all clients at no extra cost, an attractive proposition for smaller security teams.

The Series C funding round also had participation from existing investors Norwest Venture Partners, Vintage Investment Partners, BlueRed Partners and Deutsche Telekom. 

Related: Reinventing Managed Security Services’ Detection and Response

Related: Putting the Pieces Together for Extended Detection and Response

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For more than 10 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.

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