Home » Tel Aviv-based CYE raises $120M co-led by EQT & 83North

Tel Aviv-based CYE raises $120M co-led by EQT & 83North

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An enormous expansion of potential solutions has resulted from the recent surge in cyber attacks, as startups and established security firms compete to capitalize on the market opportunity. However, Tel Aviv-based CYE thinks it has created a means to cut through that clutter with a system that employs artificial intelligence to probe for technical flaws and human hackers to test an organization’s overall security resiliency.

With this strategy, the business may combine the efforts of its ethical hackers and computer-simulated attacks to deliver a more thorough risk assessment.

Today, CYE (pronounced “sigh”) announced that it had received $120 million in a round that was co-led by EQT and included 83North. According to CYE CTO and cofounder Ronen Lago, “CYE is a blend of very strong top hackers [on] one side and extremely powerful artificial intelligence-based technology that learns from those people and duplicates them via avatars and robots.” “We provide coverage that scales with robots while retaining human understanding.”

A vibrant Israeli Cybersecurity ecosystem includes the startup.

Hyver is the name of the company’s flagship product. This AI-powered platform offers a thorough security examination of all potential weaknesses, including those that might exist in internal IT systems and products from other security providers. Additionally, as part of this Cybersecurity reconnaissance, the deep and black webs are searched for executive emails, compromised passwords, and other potentially sensitive material.

The company’s hackers, or “red teams,” use that information to undertake new non-simulated attacks to test the company’s defenses. The efficiency of a company’s security procedures and the response of its teams can also be evaluated by CYE using this method.

By really attacking the business, Lago added, “we move Cybersecurity away from the traditional reactive strategy and perimeter protection into a more proactive mindset.”

About 80% of the attacks during the company’s first debut were orchestrated by humans, while 20% included avatars. However, as the company’s AI has gotten better, the ratio is now 80% avatars and 20% people, according to Lago.

The business claims that Fortune 500 businesses are among its clientele and wants to use the funds for product development, sales, and marketing. About 80 people work there.

Lago stated, “We don’t have a sales and marketing crew. “It’s excellent that the majority of our consumers originated from employee referrals and other similar sources. We want to transform a business with great revenues and solid clients into a machine that scales with a worldwide presence using the new investment and the investors’ skills.