Cysiv, an enterprise SOC-as-a-Service company, today announced the close of a $26 million Series A financing led by ForgePoint Capital, a top tier venture capital firm that invests in transformative cybersecurity companies. Trend Forward Capital has been actively backing Cysiv, and is also participating in this financing. Proceeds will be used to scale business operations and fuel further platform enhancements.
Cysiv was incubated within Trend Micro, a global leader in cybersecurity solutions, and launched in 2018 as a partnership with HITRUST®, a leading data protection standards development and certification organization. It has since been spun out of Trend Micro and operates as an independent company.
“We are thrilled to be partnering with ForgePoint Capital, the premier venture capital investor in cybersecurity,” said Cysiv CEO Partha Panda. “With their deep cybersecurity knowledge, experience, insights and connections, and their proven track record as company builders, ForgePoint was our top choice to help accelerate our growth. Their sizable investment is a testament to the significant market opportunity we’re addressing, the powerful SOC technology platform we’ve built, and to the experienced and capable team we’ve pulled together.”
SOC-as-a-Service is a specialized managed security service (MSS) that addresses critical and compounding challenges faced by enterprises today, including more sophisticated and evasive threats, a larger attack surface, deficient and inefficient security tools, alert fatigue, rising costs, increasing regulatory requirements, and a cybersecurity skills shortage.
According to Gartner1, “Worldwide MSS revenue grew 6.7% in 2018, reaching $10.7 billion, driven by a continued shortage of skills and a demand for specialized security outsourcing services.”
“We’re very excited about Cysiv and its approach to addressing this complex need,” said Alberto Yépez, co-founder and managing director at ForgePoint Capital. “We’re very impressed with Cysiv’s data science-driven security operations and analytics platform. It is unique, incredibly robust, and gives them a strong advantage over the outdated and patchwork set of tools that MSSPs and SOCs typically rely on, and will help enable enterprises and MSSPs to better manage cyber risk.”
Cysiv’s cloud native, co-managed SOC technology platform incorporates key technologies, including security information and event management (SIEM), security operations analytics and response (SOAR), user and entity behavior analysis (UEBA) and a threat intelligence platform, in a single solution. It is technology- and vendor-agnostic and can ingest security logs from a wide range of sources, along with other important contextual data. And, it leverages advanced data science techniques to automate the time-consuming, complex but critical activities for detecting, investigating and remediating hidden, evasive and emerging threats.
Pursuant to ForgePoint’s investment, Alberto Yépez, co-founder and managing director at ForgePoint Capital, is joining the Cysiv’s Board of Directors and Andrew McClure, Principal at ForgePoint Capital is joining the Board of Directors as observer.
1 “Market Share Analysis: Managed Security Services, Worldwide, 2018” Gartner (26 June 2019 ID: G00411230)
Cysiv provides SOC-as-a-Service to enterprises and MSPs that need to better manage cyber risk by accelerating and improving the process of detecting, investigating and remediating threats, and of managing critical security controls. Cysiv uniquely combines all the elements of a proactive, 24/7 threat hunting SOC–including security and threat experts, global intel, processes and playbooks, and technology–with a managed security product stack, and delivers them as a service, with consumption-based, monthly billing. Cysiv’s cloud native, SOC technology platform overcomes the limitations, deployment challenges, and frustrations associated with traditional approaches. It combines essential technologies and functions into a single co-managed platform, and leverages advanced data science techniques to automate the time-consuming, complex but critical activities and processes for truly effective threat detection, hunting, investigation, and remediation. To learn more, visit www.cysiv.com.
About ForgePoint Capital
ForgePoint Capital is the premier cybersecurity venture fund investing in transformative companies protecting the digital world. The firm is one of the most prolific investors in early and growth stage cybersecurity startups with over 40 global investments. The team brings decades of company building, value creation experience and draws upon the largest network of trusted cybersecurity industry experts and customers to support entrepreneurs who are building great companies. Based in San Francisco Bay Area the firm partners with exceptional cybersecurity entrepreneurs worldwide. For more information, please visit www.forgepointcap.com or follow us @ForgePointCap.