Cybersecurity company CyCognito closes its Series B on $30m

CyCognito, a cybersecurity solution that can uncover and prioritise risk from attacker-exposed systems, has closed its Series B round on $30m.

The round was led by Accel, with commitments also coming from Lightspeed Venture Partners, Sorenson Ventures and UpWest.

With the new equity, the company plans to enhance its platform to “take advantage of its lead and unique position in identifying the externally-exposed systems,” it claims.

CyCognito aims to identify and remove “shadow risk”, a business’ security blind spots, which RegTech believes have increased due to the influx of cloud, partner and subsidiary environments. Its technology tackles this problem by automating offensive cybersecurity operations which continuously monitor assets to uncover any vulnerabilities.

Accel partner Eric Wolford said, “CyCognito takes a fresh and unique approach in eliminating a company’s most critical areas of exposure and shutting doors that would otherwise lead to stolen data or compromised systems.

“With digital business initiatives playing a fundamental role in whether a company thrives or fails, it is inevitable that some systems are exposed or outside of the company’s direct control. The CyCognito platform is essential for companies to ensure optimized business without undue risk.”

In conjunction with the deal, Wolford will join the CyCognito board of directors.

The company has raised a total of $53m in equity funding. The company previously raised an $18m Series A last year from backers including Lightspeed Venture Partners and Sorenson Ventures.

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