Cybersecurity firm CYE has raised more than $100million in a financing round, led by the global investment organisation EQT Private Equity, with participation from existing investor 83North.
Founded in 2012 and headquartered in Israel – with offices in the US and UK – CYE counts Investec Bank, UBS and Swiss payment app TWINT among its clients.
CYE’s solutions are designed to mimic real-world attacks on digital infrastructure, to help companies develop optimised risk prioritisation and mitigation plans. Its flagship product Hyver uses advanced algorithms and graph modeling to conduct a comprehensive cybersecurity assessment, covering the entire organisation, as well as third-party vendors.
According to CYE, its approach is the closest an organisation can get to experiencing a cyberattack without paying the consequences.
The $100million investment marks EQT Private Equity’s first foray into Israel and will support CYE’s growth plans and help accelerate its go-to-market and product investments. The funding, subject to approvals, is expected to close in February 2021.
“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,” said Reuven Aronashvili, founder and CEO of CYE.
While, Florian Funk, partner at EQT, said: “We have followed CYE’s development closely over the years and we are truly impressed. We are proud to support CYE, 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.”
According to CYE, as digital technologies continue to increase, hackers have become more creative and sophisticated in their attacks. Additionally, the Covid-19 pandemic has created a catalyst for an unprecedented increase in cyber threats and fertile ground for hackers to thrive among the chaos.