Coro, a cybersecurity platform provider, recently raised $75 million at a $575 million valuation. This new funding adds onto previous rounds of a Series C and gives the company a much deserved boost. The funding was backed by one investor, Energy Impact Partners, which is known for its investments in green-tech, cybersecurity and enterprise startups.
Coro is an AI-based, cloud-based, SaaS platform that provides advanced device monitoring and activity oversight. Coro’s core features include oversight across users, email, networks, data, and apps. This platform is especially tailored to mid-market businesses, with 500 to 4,000 employees. These businesses are often in between too big to use SMB products and too small for larger enterprise products. It is estimated that mid-market businesses are 350% more likely to encounter a cyber attack. With the rise in malicious attacks, Coro has responded by raising its price from $8.99/user/month, while still remaining lower than what would be spent if an in-house system were created. With yearly growth of 300% for the past four years, Coro is on track to do the same in 2022.
Funding will be focused in multiple areas, with the main ones being R&D and M&A. In terms of R&D, Coro has been using AI since its inception, with many of its features implemented with unsupervised machine learning. This technique helps Coro’s platform learning more about maleficent activity and thus improving the overall platform performance. In terms of M&A, smaller startups looking for opportunities may be at an advantage, due to a downswing in funding.
The CEO of Coro, Guy Moskowitz, and its Co-founder, Dror Liwer, had much to say about their company’s product. According to Liwer, Coro’s tariffs are still far below what would be spent if an in-house system was created. This is due to Coro’s all-in-one approach and its value and effectiveness. Liwer also took the time to comment about the usefulness of AI in the current market, saying “we are seeing threat actors using AI to better hone their abilities, whether it’s to crack credentials or write better phishing emails. The whole gamut.”
About Coro:
Coro is an all-in-one AI-based cybersecurity platform designed specifically for midsize companies. Founded in Israel in 2015, it initially began as a consumer-focused device security business but shifted focus towards the enterprise market around 2019. The company now has offices in the US, the UK, and Israel, and has over 5,000 customers. Its platform features advanced device monitoring and activity oversight, helping businesses protect themselves from malicious attacks.
