- CYR3CON — a highly differentiated AI-driven cybersecurity prediction software platform — announced that it has raised $8.2 million in funding led by Pivotal Group
CYR3CON — a highly differentiated AI-driven cybersecurity prediction software platform — announced that it has raised $8.2 million in funding led by Pivotal Group with participation from Trumpf Ventures, 3Lines Venture Capital, DF Enterprises, Hike Ventures, and several other investors. This round of funding will be used to fuel the growth of CYR3CON’s existing prediction platform and expand use cases beyond vulnerability management to include application security, security operations, support for enterprise cyber insurance underwriting, and risk management for private equity or venture funds.
Launched in 2016 by Paulo Shakarian and Jana Shakarian, CYR3CON counts a number of Fortune 500 and major cybersecurity companies as customers that are seeking to supplement their existing capabilities with threat prediction.
And the investment by Pivotal is intended to assist the company with its continued growth and product development as it seeks to carve out a differentiated niche in the cybersecurity market.
F. Francis Najafi, CEO of Pivotal Group, will join CYR3CON’s Board of Directors — which currently includes CEO Paulo Shakarian, CTO Jana Shakarian, and Dieter Kraft of Trumpf Ventures. And former NSA Deputy Director Bill Crowell will also join the board. Crowell previously served as an advisor to CYR3CON.
Key Quotes:
“We saw over a 70% increase in annual recurring revenue in 2020 so far. Additionally, recent successful product evaluations indicate that traction is accelerating. We also submitted 9 patent applications in the past 12 months, which means we still have new capabilities to bring to the market. This new influx of capital and our partnership with Pivotal Group will enable us to obtain our growth objectives over the next 24 months. The pandemic has caused enterprises to increase their IT infrastructure yet must still secure it while staying within budget. Our AI based platform addresses these concerns head-on, enabling security teams to do more with less. Pivotal is the perfect partner for us to establish CYR3CON as the standard.”
— Dr. Paulo Shakarian, CEO of CYR3CON
“In a world that is growing increasingly dependent on the use of technology, the network infrastructure of large enterprises is being bombarded daily with malicious threats and attacks, along with required updates, patches, and alerts. We believe that CYR3CON is poised for rapid growth as the company’s highly differentiated, AI-based prediction and prioritization capability fundamentally shifts how corporate enterprises prepare for and respond to these challenging times.”
— F. Francis Najafi, CEO of Pivotal Group
