Israeli cybersecurity company Cybereason today announced the completion of a $100 million financing round led by SoftBank Corp. The new funds will support the company’s global expansion and advance its innovation in XDR, EDR, and EPP solutions.
The company has received the boost from the latest investment despite undergoing a year of upheaval with layoffs, the cancellation of its planned IPO and a fall in revenmue because of the global slowdown and increased competition. In December 2021, in its most recent financing round Cybereason raised $355 million at a company valuation of $2.7 billion. Because the latest investment is from existing investors, the company's valuation has not significantly changed.
Cybereason has also announced that Eric Gan will serve as the company’s new CEO, subject to confirmation by the company’s board and pending customary regulatory approvals, while current CEO and cofounder Lior Div will serve as an advisor. Gan is a former SoftBank EVP who has been working with Cybereason since its initial investment in the company in 2015.
Gan said, "I have watched Cybereason grow from its earliest stages to a leader in the cyber industry as evidenced by its recent position as a leader in the Gartner Magic Quadrant for EPP and its record-breaking MITRE ATT&CK results. I look forward to supporting Cybereason’s next stage of global growth and scale."
"I am so proud of what we have accomplished at Cybereason and I look forward to being a part of helping the company move to the next level," said Div.
The company was founded in 2012 in Israel by Div, Yonatan Striem-Amit, and Yossi Naar - all veterans of the IDF's 8200 intelligence unit. In 2019, Cybereason moved its headquarters to Boston while development activities remain in Israel.
Cybereason's XDR platform combines endpoint prevention, detection, and response all in one lightweight agent. The company says that it recognizes, exposes, and end malicious operations before they take hold allowing users to end attacks in minutes.
Published by Globes, Israel business news - en.globes.co.il - on April 3, 2023.
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