Israel-based cybersecurity company CYE has secured a $100m growth investment from private equity firm EQT.
Following the close of the deal, CYE founder and CEO Reuven Aronashvili will continue to hold a significant share in the RegTech company.
With the fresh capital, CYE hopes to continue its growth plans and accelerate its go-to-market and product investments.
CYE empowers companies to take control of their cybersecurity. Its platform provides an automated and continuous approach to assessments, with an optimised risk prioritisation and mitigation plans.
The platform also supports mock real-world attacks on a client’s digital infrastructure to help it assess vulnerabilities in a system.
CYE CEO Reuven Aronashvili said, “As hackers increasingly deliver devastating attacks, causing millions of dollars in lost revenue and productivity, CEOs of companies around the world have come to understand that accurately assessing cyber risk begins with them.
“We are well past the point where companies can limit cyber threats to one department. Today’s attacks can hit the core of any business, essentially crippling the company.
“At CYE, we are laser-focused on building a company that fundamentally changes the way companies and organizations approach cybersecurity, enabling them to accurately assess the most urgent threats to their business.”
This deal marks EQT’s first investment in Israel.
EQT tapped its €1.6bn EQT Mid Market Europe fund for the deal. The vehicle typically makes investments into companies with an enterprise valuation between €100 and €300m.
EQT Partners partner Florian Funk said, “We have followed CYE’s development closely over the last years and we are truly impressed with the company Reuven and his team have built to date. Their approach of pairing AI-based technology, services and world-class cyber expertise is unique in the marketplace and well-positioned for continued accelerated growth.”
Last year, CYE teamed up with insurance firm Zurich Insurance Group. The deal enabled Zurich to offer customers a cyber insurance policy which also helps the company identify risks in its infrastructure.
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