In a significant development for the cybersecurity industry, Vulcan Cyber, a company that helps enterprises detect vulnerabilities in their software stack, has announced that it raised $55 million in equity financing. The investment was led by Maor Investments and Ten Eleven Ventures, with participation from Dawn Capital and Wipro Ventures.
A Precarious Time for Cybersecurity
The investment comes at a precarious time for the cybersecurity industry. According to Crunchbase, cybersecurity startups raised around $1.9 billion during Q3 2023, marking a 30% decline from $2.7 billion in the period a year ago. This decline is a stark contrast to the growth seen in previous years, and it highlights the challenges facing the industry.
Vulcan Cyber’s Growth Story
Co-founder and CEO Yaniv Bar-Dayan attributes Vulcan’s funding success to its growth. In the 12 months leading up to Q3, the company’s revenue more than doubled, while its customer base grew to over 200 companies – 60 of which are ‘enterprise-sized’. This impressive growth has clearly caught the attention of investors, who are eager to support a company that is demonstrating such strong momentum.
How Vulcan Cyber Plans to Use the Investment
Vulcan Cyber will use funds from this round to fuel continued product innovation, expand into new markets, accelerate rapid revenue growth and build on market momentum. The investment brings Vulcan’s total raised to $70 million, providing a significant boost to its financial resources.
The Growing Threat of Software Vulnerabilities
It probably helped Vulcan that software vulnerabilities are a growing enterprise threat. According to Statista, in 2022, internet users worldwide discovered over 25,000 new common IT security vulnerabilities and exposures, the highest reported annual figure to date. This trend is expected to continue, making it an increasingly important problem for companies to address.
How Vulcan Cyber Addresses Software Vulnerabilities
Vulcan Cyber provides an array of tools to help address – and prioritize – risks around code vulnerabilities. The platform monitors security, IT, and DevOps software via APIs to spot possible exploits and kick off remediation, either automatically or under the supervision of a company’s security team.
Threat Intelligence Network
Vulcan leverages a threat intelligence network to inform its suite’s alerting and detection policies. This allows the platform to stay ahead of emerging threats and provide real-time insights to customers.
Large Language Models
Vulcan also uses large language models, such as OpenAI’s ChatGPT, to ‘generate remediation intelligence’. While the exact details of this technology are unclear, it is clear that Vulcan is pushing the boundaries of what is possible in cybersecurity.
What Sets Vulcan Apart?
A growing number of startups offer tools to scan codebases for security gaps. However, what sets Vulcan apart is its free offering, Vulcan Free, which launched last year. This no-cost risk-based vulnerability management product serves as a funnel to Vulcan’s fully managed products.
The Mission to Eliminate Cyber Risk
According to Bar-Dayan, ‘The industry doesn’t need more tools and features; it needs solutions that make a meaningful difference in the lives of security professionals.’ With its focus on simplicity, ease-of-use, and real-time insights, Vulcan is well-positioned to meet this need.
Conclusion
Vulcan Cyber’s $55 million investment round is a significant vote of confidence in the company’s growth story. As the cybersecurity landscape continues to evolve, it is clear that companies like Vulcan will play a critical role in helping enterprises stay ahead of emerging threats. With its focus on innovation, customer satisfaction, and market momentum, Vulcan is well-positioned for continued success.
About Vulcan Cyber
Vulcan Cyber is a leading provider of vulnerability management solutions for enterprises. Its platform helps customers detect vulnerabilities in their software stack, prioritize risks, and remediate issues quickly. With a strong growth story and significant investment backing, Vulcan is poised to become a major player in the cybersecurity industry.
