Cynomi, a leading vCISO platform provider for MSPs and MSSPs, announced $20 million in new funding. This funding round was led by Canaan, with Flint Capital, s16vc, and Aloniq among return investors. This funding round will also drive Cynomi’s international expansion efforts, enabling the company to enhance the vCISO platform offerings and enable partners to overcome cybersecurity skills gaps and scale businesses up.
Cynomi’s AI-powered vCISO platform is a strategic technological solution for MSPs and MSSPs aiming to grow cybersecurity operations. And the company’s innovative platform combines CISO-level knowledge and AI to automate many of the vCISO tasks, helping service providers achieve cyber resilience for end clients (typically SMEs) at a fraction of the cost of hiring an in-house CISO.
A recent survey of MSPs and MSSPs in North America revealed that while only 19% offered vCISO services last year, 86% plan to provide or add vCISO services by the end of the year – an increase of nearly 500%. MSPs and MSSPs are drawn to vCISO services because they enable them to achieve strategic goals, such as expanding cybersecurity offerings, improving operational efficiency, and increasing profitability.
Used by 100+ service providers, Cynomi is the only vCISO platform provider sold exclusively through the channel. With increased operational efficiency, Cynomi partners often see improved client retention, increased recurring revenue and upsell opportunities, and the ability to standardize processes and automate procedures across clients.
KEY QUOTES:
“vCISO services are among the fastest-growing segments in cybersecurity today, and Cynomi has already emerged as the leader. It’s incredibly rare to see the kind of traction in cybersecurity that Cynomi has at this stage, which is a testament to the market opportunity and the superb Cynomi team. As concerns about security and compliance take center stage, we believe Cynomi is poised to redefine the standard for SME cybersecurity at scale.”
– Joydeep Bhattacharyya, general partner at Canaan
“Cynomi is an ECI strategic partner, helping us expedite the growth of our strategic cybersecurity and global compliance services practice. Cynomi continues to pioneer advancements in cybersecurity management. As a Cynomi partner, we have experienced firsthand the value that their vCISO platform brings to our business. We use it with many of our customers and look forward to expanding our use of Cynomi to support hundreds of additional managed organizations.”
– Jeff Schmidt, Chief Executive Officer at ECI, a leading provider of managed services to the financial services industry
“The demand we’ve seen is a testament to the clear value of Cynomi and the pressing need for accessible cybersecurity management solutions tailored to managed service providers that serve the small and medium businesses that make up most of the global economy. We believe Cynomi has the potential to transform how millions of organizations worldwide operate, and it’s been incredible to witness the difference vCISO services can make in protecting businesses at scale.”
– David Primor, Ph.D., co-founder and CEO of Cynomi
