Cysiv, an Irving-based enterprise Security Operations Center-as-a-Service company—originally incubated within Trend Micro—announced it has closed a $26 million Series A funding round, which will be used to scale business operations and fuel further platform enhancements.
The startup’s service combines all elements of a proactive, threat-hunting security operations center with a managed security stack for hybrid cloud, network, and endpoint security, according to a statement.
The funding marks the second-largest funding announcement this year by a startup in North Texas, trailing only the $30 million in funding announced last month by Fort Worth pharma startup Eyevensys.
The round was led by San Francisco-based ForgePoint Capital, a venture capital firm that invests in transformative cybersecurity companies. Trend Forward Capital, the investment arm of Irving-based Trend Micro, has been actively backing Cysiv and is also participating in this financing round, according to a statement.
“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,” Cysiv CEO Partha Panda said in a statement. “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.”
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SOC-as-a-Service addresses critical challenges faced by enterprises today, according to a statement. Those challenges include 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.
Cysiv offers proactive threat detection and managed security
Two complementary and essential service areas comprise SOC-as-a-Service, according to Cysiv, which are proactive threat detection and managed security.
Cysiv was launched in 2018 within Trend Micro through a partnership with HITRUST, a data protection standards development and certification organization. Now, Cysiv is an independent company, having spun out of Trend Micro.
Cysiv is active in a growing MSS marketplace, a sector that grew worldwide by 6.7 percent in 2018, “reading $10.7 billion, driven by continued shortage of skills and a demand for specialized security outsourcing service,” according to Gartner.
Cysiv has a robust platform to monitor cyber risks
“Cysiv addresses one of the most complex challenges facing CISOs (chief information security officers) today—how to build and manage an enterprise SOC,” Alberto Yépez, co-founder and managing director at ForgePoint Capital, said in a statement. “Cysiv’s proprietary, data science-driven security operations and analytics platform is incredibly robust, and enables enterprises and MSSPs (managed security services providers) to better monitor and manage cyber risk, at scale, and without relying on a complicated patchwork of tools.”
Cysiv’s cloud-native, co-managed SOC technology platform incorporates technologies including security information and event management, security operations analytics and response, user and entity behavior analysis, and a threat intelligence platform, in a single solution.
The startup’s platform is technology- and vendor-agnostic and can handle security logs from a wide range of sources, according to a statement.
With ForgePoint’s investment, Alberto Yépez has joined Cysiv’s board and Andrew McClure, principal at ForgePoint, has joined the board as an observer.
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