Cyber security company LightCyber has raised $10 million in a financing round led by Battery Ventures with participation from existing investors Glilot Capital, which led the company’s previous round, and Marius Nacht, the founder of Check Point Software Technologies Ltd. (Nasdaq: CHKP).
Battery Ventures general partner Itzik Parnafes is to join LightCyber’s board of directors.
Founded in 2011, LightCyber provides breach detection and response solutions. The new funds will be used to expand LightCyber's US sales and marketing operations to meet the increasing demand from enterprise customers for its flagship automated breach detection product - LightCyber Magna. The product helps companies mitigate the damage from cybercrime through early detection of active attacks that managed to penetrate existing security controls.
LightCyber was recently named a ‘Cool Vendor’ by Gartner and was a top 10 finalist for RSA Conference’s 2014 Innovation Sandbox Most Innovative Company award. It also recently announced a strategic partnership with Check Point Software, providing joint customers with early breach detection, immediate response and advanced security protection.
LightCyber CEO Gonen Fink said, “Over the past few months, we have deployed our solution in dozens of new enterprise customers around the world, responding to breaches on a daily basis, and the additional funds will allow us to further accelerate the market delivery of our breach detection platform.”
Parnafes said, "In today's landscape of advanced, persistent threats, old-fashioned, perimeter security measures are no longer sufficient. Today, a company's security arsenal must contain technology that can identify malicious activity in the internal network with a minimum of false-positives."
With existing security controls failing to protect against advanced threats, the cost of cybercrime in the US has risen 30% in the past 12 months. As a result, Gartner estimates that enterprise budget allocation for rapid detection and response products will grow from 10% in 2014, to 60% by 2020. However, most of the advanced threat detection solutions identify malware or anomalies, leaving it up to organizations to determine if a breach has actually occurred, incurring significant operational cost and limited efficiency.
Published by Globes [online], Israel business news - www.globes-online.com - on September 10, 2014
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