US-Israeli Cybersecurity Firm CyCognito Raises $30M, Led By Accel

US-Israeli cybersecurity firm CyCognito, a company that develops a security analysis service that simulates the work of a cyber attacker in order to detect an organization’s weaknesses, announced this month it has raised $30 million in a Series B funding round.

The round was led by US venture capital firm Accel, with participation from previous investors Lightspeed Venture Partners, Sorenson Ventures and UpWest.

This brings the company’s total funding to $53 million. The company previously raised $23 million in a Series A round in November 2019.

CyCognito will use the funds to take advantage of its unique position in identifying the externally-exposed systems and digital assets that are either unknown, uncontrolled, or abandoned, but present the biggest business risks to an organization.

Eric Wolford, partner at Accel, will join the CyCognito Board of Directors. With the addition of Accel, CyCognito is now backed by two of the top five venture firms focused on enterprise software.

Founded in 2017 by Dima Potekhin and Rob Gurzeev, Cycognito employs a team in Israel and another in Palo Alto, California. The company has introduced its next-generation platform.

CyCognito takes a fresh and unique approach in eliminating a company’s most critical areas of exposure and shutting doors that would otherwise lead to stolen data or compromised systems,” said Wolford, “With digital business initiatives playing a fundamental role in whether a company thrives or fails, it is inevitable that some systems are exposed or outside of the company’s direct control. The CyCognito platform is essential for companies to ensure optimized business without undue risk.”

“Attackers seek out externally-exposed systems and assets that are mostly overlooked by organizations and are easy targets and conduits into corporate networks and data centers,” said Rob Gurzeev, CEO and co-founder of CyCognito. “Our next level of funding enables us to greatly increase our market reach, educating and serving the needs of companies in closing these dangerous gaps and gaining an edge on attackers.”