Cynet Adding $40 Million to its Coffers via a Series C Funding Round

This week, Cynet, a company that specialises in extended detection and response (XDR), raised $40 million in a Series C funding round led by Greenfield Partners.

Cynet, which was founded in 2015, provides an autonomous XDR platform that automates surveillance, attack prevention and detection, and response orchestration capabilities to help organisations of all sizes identify threats and respond to incidents. The platform, known as Cynet 360, makes use of sensors to continuously collect and analyse endpoint, file, user, and network behaviour throughout the customer’s entire ecosystem.

The additional funds will be used to help development and maintain the company’s expansion in the North American and European markets, according to the company.

In June 2018, Cynet raised $13 million in a Series B funding round, and $18 million in a Series B+ round in June 2020.

Cynet’s platform is supported by a 24/7 Managed Detection and Response (MDR) service that is included at no extra charge for all customers, making it a compelling option for smaller security teams.

Current investors Norwest Venture Partners, Vintage Investment Partners, BlueRed Partners, and Deutsche Telekom also participated in the Series C funding round.

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