1. Cyvatar raises 9 million for cybersecurity as a service model
6/21/2021 3:50:46 PM
Cyvatar raises 9 million for cybersecurity as a service model
Cyvatar,Cybersecurity As A Service,ATX Venture Partners
https://appdevelopermagazine.com/images/news_images/Cyvatar-raises-9-million-for-cybersecurity-as-a-service-model-App-Developer-Magazine_ao7s6lgz.jpg
App Developer Magazine
Cyvatar raises 9 million for cybersecurity as a service model

Cyvatar raises 9 million for cybersecurity as a service model



Brittany Hainzinger Brittany Hainzinger in Security Monday, June 21, 2021
12,291

Cyvatar has raised $9 million as part of its Series A financing to scale and serve its rapidly growing customer base and continue to drive the adoption of its innovative cybersecurity-as-a-service (CSaaS) model.

Cyvatar announced that it has raised $9 million as part of its Series A financing to help scale and serve its rapidly growing customer base and continue to drive the adoption of its innovative cybersecurity-as-a-service (CSaaS) model.

Cyvatar raises 9 million for cybersecurity as a service model

Escalating cybersecurity breaches and the need to address vulnerabilities across systems, networks, and apps fuel the security services market, expected to reach $193 billion by 2028. Additionally, the growth in hybrid and remote workers coupled with unsecured and unpatched BYOD devices further underscores the need for on-demand cybersecurity resources that include human talent, proven processes, and best-of-breed technology delivered from a single intuitive platform. Cyvatar has grown more than 200% since its debut in October.

ATX Venture Partners led the round with additional participation from existing customer CORTEC and longtime Cyvatar investor Bill Wood Ventures. Cyvatar closed a $3 million seed round late last year, bringing the total amount raised over the last eight months to $12 million.

“We’ve seen fundraising explode in the security space, in part as a result of the raft of ransomware, email compromise, and phishing attacks that have made people more aware of the problem and increased the need to fix it quickly and effectively,” said Chris Shonk, partner at ATX Venture Partners. “Cyvatar is an exciting addition to our dynamic portfolio and a natural fit alongside our other rapidly growing organizations. No other company we evaluated solves the problems of cybersecurity like Cyvatar. With Cyvatar CSaaS, security becomes as effortless as turning on the lights. There’s no better value for customers.”

Cyvatar CSaaS offers security in a box for organizations of any size and any level of cybersecurity expertise--already more than 150 platform members have started the security journey with Cyvatar. Its mature sales and marketing engine makes it easy for new members to join and offers ongoing education and support for existing customers to continuously remediate evolving threats, safeguard critical systems, and boost compliance scores.

"I can tell you that after implementing just three Cyvatar solutions, our security confidence is a lot stronger than it was before and our company as a whole is far more secure,” said Brent Fanguy, vice president of technology at CORTEC. “We applaud Cyvatar for pricing by employee count because it’s so easy to calculate and fit into our budget -- no counting servers or workstations, which is a nightmare. Cyvatar has delivered consistent value from our security spend, and we look forward to continuing to grow our partnership with them.”

Whether customers need to speed their sales cycles, remediate after a breach, prevent future incursions, or respond to a third-party risk assessment, Cyvatar helps them achieve superior business outcomes every day.


Subscribe to App Developer Magazine

Become a subscriber of App Developer Magazine for just $5.99 a month and take advantage of all these perks.

MEMBERS GET ACCESS TO

  • - Exclusive content from leaders in the industry
  • - Q&A articles from industry leaders
  • - Tips and tricks from the most successful developers weekly
  • - Monthly issues, including all 90+ back-issues since 2012
  • - Event discounts and early-bird signups
  • - Gain insight from top achievers in the app store
  • - Learn what tools to use, what SDK's to use, and more

    Subscribe here