Founded in 2018 as a partnership between Trend Micro and Frisco-based information risk management company HITRUST, Cysiv now operates independently of the two
Fremont, CA: Cysiv, an enterprise SOC-as-a-Service company, raised $26 million in Series A round of financing led by San Francisco-based venture capital firm ForgePoint Capital, and joined by the active backer and investing arm of Irving-based data security solutions provider Trend Micro. The capital raised from funding will be used to scale business operations and fuel further platform enhancements.
Founded in 2018 as a partnership between Trend Micro and Frisco-based information risk management company HITRUST, Cysiv now operates independently of the two.
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"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."
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SOC-as-a-Service is a specialized managed security service (MSS) that focuses on critical and compounding challenges faced by enterprises today, including more complex and evasive threats, a larger attack surface, deficient and inefficient security tools, alert fatigue, rising costs, increasing regulatory requirements, and a cybersecurity skills shortage.
Cysiv's cloud-native, co-managed SOC technology platform integrates vital 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. The platform is technology- and vendor-agnostic and can assimilate security logs from a wide range of sources, along with other critical 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.
"Cysiv addresses one of the most complex challenges facing CISOs today - how to build and manage an enterprise SOC," said 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."
With ForgePoint's investment, Alberto Yépez has joined the company's Board of Directors, and Andrew McClure, principal at ForgePoint, has joined the Board of Directors as an observer.
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