Israeli Cybersecurity Firm CYE Raises $100M To Fuel Growth

By NoCamels Team February 10, 2021 2 minutes

CYE founders from left to right: Eyal Greenberg, co-founder and head of research, Reuven Aronashvili, founder and CEO, Gabi Levenberg, co-founder and services team leader, Matan Chen, co-founder and services team leader, and Haim Aharoni, co-founder and CPO. Not pictured: Ronen Lago, CTO and co-founder. Photo: Courtesy

Israeli cybersecurity firm CYE, a developer of cybersecurity optimization platforms, raised $100 million in a financing round, led by the global investment organization EQT, with participation from existing investor 83North. The investment, EQT’s first in an Israeli company, follows five years of partnership with CYE the company announced on Wednesday.

Founded in 2012, CYE says it enables organizations to strengthen their internal capabilities by helping them take full control of their cybersecurity posture. CYE’s approach is to leverage a team of ethical hackers, paired with advanced technologies, to launch non-simulated attacks and provide deep organizational assessments, identify real business risks, and offer cost-effective plans.

“As hackers increasingly deliver devastating attacks, causing millions of dollars in lost revenue and productivity, CEOs of global companies have come to understand that accurately assessing cyber risk begins with them,” said Reuven Aronashvili, founder and CEO of CYE.

“We are well past the point where companies can limit cyber threats to one department. Today’s attacks can hit the core of any business, essentially crippling the company,” he said.

“The backing of CYE marks EQT’s first deal in Israel, which is a highly attractive market for technology investments, and a country in which EQT intends to increase its activity going forward,” said Florian Funk, partner at EQT. “We have followed CYE’s development closely over the years and we are truly impressed with the company Reuven and his team have built to date. Their approach of pairing AI-based technology, services and cyber expertise is unique in the marketplace and well-positioned for continued accelerated growth.”

Yoram Snir, partner at 83North, said, “In my experience, I have come to learn that you don’t invest in companies, you invest in people. CYE’s team is one of the most outstanding I have ever worked with. They combine an innovative and bold vision with stellar execution capabilities. CYE is transforming the multi-billion dollar market of enterprise cybersecurity and we believe they are well on their way to becoming the market leader.”

CYE employs 80 people in its offices in Israel, the US and the UK.