Former US treasurer Mnuchin leads $275 million funding in Israeli Cybereason
US-Israeli cybersecurity firm Cybereason, which uses behavioral analytics to discover threats, said it has raised $275 million in financing to increase its operations and the sale of its artificial-intelligence based software.
The funding was led by Liberty Strategic Capital, with
additional backing provided by Irving Investors, certain funds advised by
Neuberger Berman Investment Advisers LLC, and Softbank Vision Fund 2. Liberty
Strategic Capital is the private equity firm set up earlier this year by former
US Treasury secretary Steven Mnuchin. Cybereason is the fund’s first
investment.
The latest round of investment “triples” the Israeli firm’s
valuation, the statement said. Industry sources estimated that the latest
funding round brings the valuation of Cybereason to over $3 billion.
The latest funding follows $389 million raised in prior
funding by the nine-year old firm, from Softbank Group, CRV, Spark Capital and
Lockheed Martin, the company said in a statement.
“Cybereason is fast becoming the global leader in cyber
defense technology, and we could not be more pleased to make this extraordinary
innovator the first addition to Liberty Strategic Capital’s portfolio,” said
Mnuchin, founder and managing partner of Liberty Strategic Capital.
“Cybereason has established itself as a visionary in
prevention, detection and response, and Liberty Strategic Capital is excited to
partner with the Cybereason team in their cutting-edge work to defend critical
information networks, businesses, and governments around the world against the
growing danger of cyberattacks. We are confident in Cybereason’s ability to
deliver a superior product to customers and provide best-in-class critical
infrastructure defense,” Mnuchin said.
Mnuchin will join the Cybereason board of directors, and
Liberty’s senior adviser, General Joseph Dunford (Ret.), will join Cybereason’s
advisory board. Dunford served as chairman of the US Joint Chiefs of Staff in 2015-2019.
“Over the past year, we’ve experienced hypergrowth across
the globe as defenders recognize that ending advanced attacks isn’t possible
using solutions that rely on meaningless alerts and human intervention,” said
Lior Div, the CEO and co-founder of Cybereason.
“Existing – even ‘next-gen’ – solutions are fundamentally
flawed, creating the dynamic we have today where the defender is constantly
struggling to keep pace with attackers. Unlike our prolific alert-generating
competitors, Cybereason takes an approach that enables defenders to end
malicious operations instantly, resulting in the most comprehensive prevention,
detection and response solution on the market. This is how we are returning the
high ground to the defenders – and we are just getting started.”
Comments
Post a Comment