SINGAPORE-BASED BlueRed Partners has led a US$18-million, extended Series B fundraising in US-based cyber security startup Cynet, the venture firm announced in a statement on Tuesday.
The round was joined by German telecommunications firm Deutsche Telekom and cyber security firm Merlin International. Cynet's existing investors Norwest Venture Partners and Ibex Investors also participated in the round.
Cynet, the world's first autonomous breach-protection platform that consolidates and automates monitoring and control, attack prevention and detection and response orchestration, will use the fresh funding to strengthen its breach-prevention platform, as well as to expand in the US and international markets. The firm says it has hundreds of customers globally, ranging from small companies to large enterprises.
Yishai Klein, managing partner of BlueRed, said in the statement: "Cynet has the requisite talent and technology to succeed in the white-hot cyber security market, particularly automated breach protection, which continues to present growth opportunities to innovation leaders. Their support and success rate for organisational cyber-security initiatives with respect to threat prevention, detection and response have been very impressive."
Laurence Harel, who heads strategic business development at BlueRed, added that the venture firm looks forward to helping Cynet expand into the Asian market.
Cynet chief executive and co-founder Eyal Gruner said that the latest fundraise is important for the company's next phase of growth. "This round of financing provides additional runway to execute further with our growing family of partners and customers, while aggressively expanding our footprint globally," he said.
BlueRed is a Singapore-based fund that invests in early- and growth-stage technology companies, acting as a bridge between Asia-based family offices and institutional investors, and the Israeli tech ecosystem.
It is helmed by Mr Klein, Ms Harel and Daniel Harel, who previously headed UBS Wealth Management's Ultra High Net Worth and global family office business in South-east Asia.