Cynomi, a Virtual CISO Platform for service providers and SMBs, announced today that it has received $3.5 million seed funding from Flint Capital, SeedIL, Lytical Ventures, and a group of business angels, including Nir Giller, co-founder of CyberX (acquired by Microsoft). The company also received two grants totalling $500K from Innovate UK. The funds will be used to scale its R&D efforts and expand and strengthen the company’s presence in the US and UK markets.
Cynomi, which is led by a team of ex-Israel Defense Forces cybersecurity veterans, focuses on small and medium-sized businesses that rely on Managed Service Providers and Managed Security Service Providers for ongoing operations. With over 40% of the world’s companies having 500 or less employees, the middle market is a prime target for hackers. Cost of attacks varies widely. One-in-six firms attacked say their survival was threatened. The companies’ IT budget for cybersecurity has jumped by 63%. Cynomi aims to address the growing cyber threats in the middle market by delivering enterprise-grade cybersecurity solutions at scale.
“Billions of dollars are invested to secure enterprises, while SMBs are left behind. The small and mid-market companies are substantially less equipped to deal with the ever-growing threat landscape – lacking the budget and staff, they are more prone to the devastating impacts of possible attacks. We emulate a human CISO, automatically providing IT and cybersecurity teams with a focused assessment and a prioritized remediation action plan,” notes David Primor, co-founder & СЕО of Cynomi.
By automating previously manual operations, Cynomi enables Managed Service Providers supporting small and medium businesses to deliver enterprise-grade cybersecurity services at a higher quality, scale and rate. The solution’s automated, tailored security policies and prioritized action plans help its customers to build and execute an effective NIST-based cyber strategy in hours instead of days. The team is already working with HOT, one of the largest telecoms in Israel, and with a growing number of MSPs and MSSPs in the US, UK and Israel.
“When considering investments in a cybersecurity startup, leadership and the teams behind them are the first elements we examine. The Cynomi team has extensive experience in cybersecurity as well as solving the problems of the frequently targeted middle market,” notes Sergey Gribov, partner at Flint Capital.
The global cybersecurity market was valued at $163.53 billion in 2019 and by 2030, the market is forecast to have a value of $430.46 billion. The Managed Service Providers market is expected to grow to $354.8 billion by 2026 and for Managed Security Service Providers the forecast is $43.7 billion by 2026.
Cynomi empowers cybersecurity professionals to effectively manage cyber risk, compliance, and operations with automated enterprise-grade cybersecurity services at an unparalleled scale. Its AI-based algorithm helps quickly build and execute an effective tailor-made cyber strategy. With Cynomi, MSPs, MSSPs, and cyber consultancies are able to deliver better service to more customers, while reducing operational costs, professional knowledge gaps, and churn. Automated cyber risk, vulnerability, and posture scans allow MSPs to rapidly grow sales pipeline, accelerate deals, increase upsells and drive revenue. Clients across all major industries rely on Cynomi to optimize their cyber posture, expand their offering, maximize return on security investment and drive growth.