Israeli cybersecurity company Coro, announced the completion of an $80 million Series C funding round on Tuesday.
The round was led by European venture firm Balderton Capital, alongside contributions from existing investor Jerusalem Venture Partners.
Coro said it will use the new infusion of capital to accelerate the provision of its non-disruptive, AI-integrated cyber security platform and triple the growth of its global team.
Founded in 2014, Coro’s cybersecurity SaaS platform addresses security gaps that emerge in devices, email, and cloud applications in mid-market and small and medium-sized business(SMB) segments, which are targeted by 70 percent of cyber attacks.
The platform uses AI to offload 98 percent of the security workload from IT teams onto Coro automation, which is offered to each user for a $7 monthly subscription making enterprise-grade security accessible to a wider range of businesses. Coro has a rapidly expanding customer base in financial services, transportation and logistics, healthcare, retail, education, manufacturing, and professional services.
“Faced with limited security expertise, staff, and budgets, mid-market companies are forced to choose between impossibly expensive and labor-intensive enterprise solutions or piecemeal off-the-shelf solutions that cover only a small portion of their attack surface – and neither of these options offers true protection,” said Guy Moskowitz, CEO of Coro.
“Coro is quickly becoming the standard cybersecurity platform for mid-market companies, with thousands of installations protecting millions of devices and phenomenal growth across the board. With this latest round, we will further enable mid-sized companies to operate in the midst of an increasingly sophisticated and aggressive cyber landscape with genuine peace of mind and refocus critical resources on running successful businesses instead of on managing cyber security,” he added.