Cysiv Closes at $26 Million Series A financing
Cysiv closes financing led by ForgePoint Capital, and the proceeds will be used to extend business operations.
FREMONT, CA: An enterprise SOC-as-a-Service company, Cysiv is planning to close a $26 million Series A financing, which was led by ForgePoint Capital. Cysiv is actively backed by Trend Forward and is also participating in this financing. These proceeds will be used to extend business operations and fuel further platform enhancements.
Cysiv was developed within Trend Micro, a global leader in cybersecurity solutions. It was launched in 2018 as a partnership with HITRUST, a leading data protection standards development and certification organization. Nowadays, Cysiv operates as an independent company, having spun out of Trend Micro.
Cysiv CEO Partha Panda says that they are excited to be partnering with the premier venture capital investor in cybersecurity ForgePoint Capital. ForgePoint was their top choice to help accelerate the growth because of in-depth cybersecurity knowledge, experience, insights and connections, and their proven track record.
Their sizable investment is a testament to the significant market opportunity they are addressing, the powerful SOC technology platform they have built, and to the experienced and capable team, they have pulled together.
A specialized managed security service (MSS) SOC-as-a-Service addresses critical and compounding challenges faced by enterprises. It includes more complicated and evasive threats, a bigger attack ground, deficient and inefficient security tools, alert fatigue, increasing costs, rising regulatory requirements, and shortage of cybersecurity skills.
As per a Gartner’s report, in 2018 the worldwide revenue of MSS grew 6.7 percent, reaching $10.7 billion, driven by a continued shortage of skills and a demand for specialized security outsourcing services.
The Cysiv platform has the potential to ingest security logs from a wide range of sources, along with other important contextual data.
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