Cyware Gets $30 Million in Series C Financing Round

Cyware has raised $30 million in a Series C financing round led by Ten Eleven Ventures, a multi-stage investment firm specializing in cybersecurity.

Cyware provides artificial intelligence (AI)-powered Cyber Fusion platforms for enterprises and MSSPs. It also provides automated threat intelligence sharing for information sharing networks.

Previous investors Advent International, Zscaler, Emerald Development Managers, Prelude and Great Road Holdings also participating in the financing round.

Earlier this year, Cyware achieved FedRAMP Ready status for its Cyber Fusion platform, and was named one of the most innovative and promising cybersecurity companies by JMP Cyber 66. In addition, it was recognized in the 2022 Deloitte Technology Fast 500 as one of the fastest-growing technology firms in North America.

Matt Courchesne, Cyware’s head of channels, said this financing will accelerate his company’s channel activities — engaging in more events, co-marketing and joint go-to-market plans.

Cyware’s Matt Courchesne

“We are also actively expanding in Europe and other global markets, where we will be 100% channel driven,” he said. “Our channel partners and technology alliances play a critical role in force-multiplying our access to enterprise customers. We are also actively growing our business with MSSP partners as mid-size organizations are increasingly relying on service providers to give them access to the latest technology.”

Cyware to Invest More in Partners with Series C Financing

The Series C financing will allow Cyware to “double-down” on its channel-first approach, as it invests more with current partners and recruits new partners globally, Courchesne said.

Cyware’s cloud-based platform is leveraged by top Fortune 1000 and MSSP security teams to transform their legacy security operations centers (SOCs) into Cyber Fusion Centers.

The Cyware platform has become the backbone of global threat sharing networks. They use Cyware’s platform to automate threat intelligence sharing, analysis and action for more than 30,000 enterprise members and government entities. The platform also enables large conglomerates, industry groups and private communities to activate and share threat intelligence with their distributed businesses, clients and suppliers.

“Many customers have deployed first-generation threat intelligence platform (TIP) and security orchestration, automation and response (SOAR) products, and are ready to upgrade to more comprehensive solutions like Cyware,” Courchesne said. “This funding will accelerate our channel-based strategy to make the next-generation threat intelligence, automation and collaboration tools readily available to a wide market.”

“Threat actors thrive because the rest of us don’t collaborate enough,” said Alex Doll, founder and managing member of Ten Eleven Ventures. “Only Cyware allows overstretched security teams to expand their risk visibility beyond their borders with innovative threat intelligence collaboration while dramatically improving response with vendor-agnostic orchestration and low-code automation. As seasoned investors in the cybersecurity field, we recognize that Cyware’s remarkable platform, revenue growth and vast customer base – including over 20 information sharing and analysis centers (ISACs) – puts them in an enviable market position.”