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. Cysiv now operates as an independent company, having spun out of Trend Micro.
“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.”
“Cysiv addresses one of the most complex challenges facing CISOs today – how to build and manage an enterprise SOC,” said Alberto Yépez, co-founder and managing director at ForgePoint Capital. “Cysiv’s proprietary, data science-driven security operations and analytics platform is incredibly robust, and enables enterprises and MSSPs 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 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. The Cysiv platform is technology- and vendor-agnostic and can ingest security logs from a wide range of sources, along with other important contextual data, and 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 has joined the company’s Board of Directors. Andrew McClure, principal at ForgePoint, has joined the Board of Directors as an observer.
1 “Market Share Analysis: Managed Security Services, Worldwide, 2018” Gartner (26 June 2019 ID: G00411230)