- Cysiv, an enterprise SOC-as-a-Service company, announced it raised $26 million in Series A funding led by ForgePoint Capital
Cysiv ― an enterprise SOC-as-a-Service company ― announced the close of a $26 million Series A round of funding led by ForgePoint Capital. Existing investor Trend Forward Capital also participated in this funding round. The proceeds of the funding round will be used for scaling business operations and fueling further platform enhancements.
Trend Micro had incubated Cysiv, which launched in 2018 as a partnership with HITRUST. Now Cysiv 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 known as a specialized managed security service (MSS) that addresses critical challenges faced by enterprises today, including sophisticated and evasive threats, a larger attack surface, deficient and inefficient security tools, alert fatigue, rising costs, regulatory requirements, and a cybersecurity skills shortage.
“Cysiv addresses one of the most complex challenges facing CISOs today – how to build and manage an enterprise SOC,” added 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. And 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 utilizes advanced data science techniques to automate the time-consuming, complex but critical activities for detecting, investigating and remediating hidden, evasive and emerging threats.
In connection with ForgePoint’s investment, Alberto Yépez has joined the company’s Board of Directors. And ForgePoint principal Andrew McClure has joined the Board of Directors as an observer.