BOSTON--(BUSINESS WIRE)--Cybric, provider of the only Continuous Security-as-a-Service platform, today announced it has closed $6.3 million in seed funding with Capstone Ventures and Petrillo Capital. Pioneering the next-generation of cybersecurity automation and vulnerability remediation, Cybric will use this funding to launch its fully developed SaaS platform solution to the global marketplace.
Organizations rely on Cybric’s platform to dramatically improve their cybersecurity posture by enabling a proactive and continuous approach to application security scanning that works on-premises or in the cloud without impacting the production environment. Since its inception last fall, Cybric has already signed key customers as support for the platform continues to grow.
“Battling increasingly fierce cyberattacks and breaches requires greater human capital and specific expertise, both of which are in short supply among organizations worldwide and putting enterprises on their heels,” said Cybric CEO and founder Ernesto DiGiambattista. “Enterprises must proactively protect their critical applications and data without adding significant headcount and without posing a risk to their production environment. They are coming to Cybric for true real-time vulnerability identification and proactive remediation to keep their assets more secure than ever before.”
Cybric delivers the only Continuous Security-as-a-Service platform that enables enterprises to integrate security into the application delivery process without impacting the production environment. The company’s patent-pending technology platform rapidly orchestrates exact replicas of an application environment and aggressively scans for security vulnerabilities by containerizing and automating security solutions. Predictive analytics are applied to the consolidated security scan results, providing proactive remediation through a single dashboard.
“We love the sector and have not seen another business capable of delivering a similar solution to Cybric,” said John Ferrara, Managing Partner of Capstone Ventures. “We view this financing not as a series seed, but more as an acceleration round. We think the near-term ‘pop value’ is significant and are looking forward to helping facilitate the company’s growth. Similar to our investment in Thinking Phones/Fuze, we think there is a very big upside with Cybric.”
The annual Ponemon Cost of Data Breach 2016 report from the Ponemon Institute found that the average cost of breaches at organizations has jumped past $4 million per incident, a 29 percent increase since 2013 and a 5 percent increase since last year. The study also found that average dwell time for breaches stands at 201 days with organizations requiring another 70 days to contain breaches once they’d been identified.
According to industry analyst firm Enterprise Strategy Group (ESG), 22 percent of all cybersecurity jobs are going unfilled, and 51 percent of IT and information security professionals indicate the increase in applications deployed on the network has made network security more difficult. In this challenging environment, an automated cyber threat remediation tool in a single pane of glass that works in real time, without human resources, has become increasingly critical for organizations of all sizes.
About Cybric
Cybric delivers the only Continuous
Security-as-a-Service platform that enables enterprises to integrate
security into the application delivery process without impacting the
production environment. The company’s patent-pending technology platform
rapidly orchestrates exact replicas of an application environment and
aggressively scans for security vulnerabilities by containerizing and
automating security solutions. Predictive analytics are applied to the
consolidated security scan results, providing proactive remediation
through a single dashboard. To learn more visit www.cybric.io.
About Capstone Ventures
Capstone Ventures is the venture
capital and merchant banking arm of Capstone Partners, a premier
investment banking firm headquartered in Boston. With ten offices across
the U.S. and U.K., together with a global presence that spans 30+
countries and 200+ professionals, Capstone is consistently recognized as
a leader in the middle market investment banking industry. Among the
firm’s eight dedicated industry groups, Capstone maintains one of the
most active tech practices in the U.S. with a focus on emerging, high
profile technology companies.
About Petrillo Capital
Petrillo Capital is a venture capital
firm specializing in early to late stage investments. The firm seeks to
make investments in the information and communications technology
sectors including cybersecurity, enterprise software, and cloud
infrastructure. Petrillo Capital was founded in June 2015 and is based
in Boston, Massachusetts.
