Cybersecurity startup Cyble has secured $24 million in Series B funding as it aims for global expansion. The funding round was co-led by Blackbird Ventures and King River Capital, with participation from Spider Capital, January Capital, Summit Peak Ventures, and others. Cyble, which describes itself as a threat intelligence provider, plans to use the investment for general research and development (R&D) activities and to expand its market reach.
According to Cyble’s co-founder and CEO Beenu Arora, the investment is a testament to the hard work of the team in executing their vision. It will enable the company to increase product investments and enhance global marketing efforts. The importance of threat intelligence, which involves collecting and analyzing data to understand malicious actors’ motives, is growing in the battle against emerging cyber exploits. The majority of organizations recognize its significance, with 75% having dedicated threat intelligence teams, and two-thirds having dedicated budgets for this purpose, according to a survey by Security Magazine.
However, talent shortages pose a challenge to organizations’ intelligence efforts, with 73% of respondents in the same survey citing a lack of skills as their biggest threat intelligence challenge. Founded in 2019 by Arora and Manish Chachada, Cyble monitors both dark web and surface web data to identify and mitigate digital risks for companies. It offers customized threat-hunting solutions to customers, including government agencies and Fortune 50 brands. Cyble claims to have visibility into over 6,000 darknet marketplaces, which are primarily used for illegal file sharing.
Among its competitors is SnapAttack, a vendor that emerged from Booz Allen with a repository of labeled threat data. Reflecting on Cyble’s competition, Zeb Rice, an investor at King River Capital, praised the company’s groundbreaking use of artificial intelligence (AI) in revolutionizing cybersecurity. Cyble’s platform reportedly identifies and guards against diverse threats from across the web on an unprecedented scale. The company’s exceptional customer base and growth further validate its position as a provider of best-in-class protection in the complex digital landscape.
The fact that Cyble was able to secure funding at this time highlights its momentum. Cybersecurity venture funding dropped significantly in the second quarter of 2022, with only slightly over $1.6 billion raised compared to nearly $4.3 billion in the same quarter last year, according to Crunchbase. Cyble, headquartered in Atlanta, Georgia, has raised a total of $38.6 million in funding so far. The Series B funding represents its first fundraising event since February 2022, with Arora having bootstrapped the startup during its initial two years of operation.
