Ci Security, which provides managed detection and response services, has closed its Series B funding on $9.6m.
This investment was led by East Seattle Partners, which is the personal investment management firm of Alan Frazier. Including the capital from last year’s Series A, the cybersecurity startup has raised a total of $16m.
Following this investment close, Ci Security will expand its Critical Managed Detection and Response service. This tool lets customers detect and promptly respond to cyber threats and attacks.
Seattle-headquartered CI Security solution is a cybersecurity toolset which helps financial institutions, public sector and healthcare players protect themselves.
The Critical Managed Detection and Response tool has been designed to monitor digital assets of clients and spot attacks on IoT devices. It leverages data ingest capabilities to conduct deep investigations which remove false positives and uncover incidents which are often overlooked by other systems.
In addition to this, the company offers a continuous and automated vulnerability identification service to scan a network and see where improvements are required.
Ci Security CEO Garrett Silver said, “Security is not a technology problem, it is a people problem. There is a material shortage of security talent, and organizations cannot recruit and retain enough people to manage the technology they already have.
“Our managed detection and response solution uses technology to enable Critical Insight analysts to extend our customers’ teams. We take the operational burden of detection and response so our customers’ few, precious resources can get back to their day job: moving forward on their organization’s security maturity journey.”
The share of RegTech deals to be made in the cybersecurity industry has been increasing since 2014, according to RegTech Analyst data. In 2018, there were a total 164 transactions made into RegTech companies and 19.7 per cent of these were cybersecurity enterprises making it the joint largest percentage with identification technology.
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