Cynomi Announces $20 Million in New Funding to Bring vCISO Platform to SMEs Worldwide

Leading AI-powered vCISO Platform for MSPs and MSSPs to Expand Strategic Cybersecurity Offerings

TEL AVIV, Israel, April 16, 2024 /PRNewswire/ -- Cynomi, the leading vCISO platform provider for MSPs and MSSPs, today announced $20 million in new funding. The financing was led by Canaan, with Flint Capital, s16vc, and Aloniq among the return investors. This funding will fuel Cynomi's international expansion efforts, enabling the company to enhance its vCISO platform offerings and empower partners to overcome the cybersecurity skill gap and scale their businesses.

"vCISO services are among the fastest-growing segments in cybersecurity today, and Cynomi has already emerged as the leader," said Joydeep Bhattacharyya, general partner at Canaan. "It's incredibly rare to see the kind of traction in cybersecurity that Cynomi has at this stage, which is a testament to the market opportunity and the superb Cynomi team. As concerns about security and compliance take center stage, we believe Cynomi is poised to redefine the standard for SME cybersecurity at scale."

Cynomi's AI-powered vCISO platform is a strategic technological solution for MSPs and MSSPs aiming to grow their cybersecurity services business. The company's innovative platform combines CISO-level knowledge and AI to automate many of the vCISO tasks, helping service providers achieve cyber resilience for their end clients – typically SMEs – at a fraction of the cost of hiring an in-house CISO. 

In a recent survey of MSPs and MSSPs in North America, Cynomi found that while only 19%  offered vCISO services in 2023, 86% plan to provide or add vCISO services by the end of 2024, an increase of nearly 500%. MSPs and MSSPs are drawn to vCISO services to enable them to achieve strategic goals, namely expanding cybersecurity offerings, improving operational efficiency, and increasing profitability.

Already used by 100+ service providers, Cynomi is the only vCISO platform provider that sells exclusively through the channel. In addition to increased operational efficiency, Cynomi partners often see improved client retention, increased recurring revenue and upsell opportunities, and the ability to standardize processes and automate procedures across clients.

"Cynomi is an ECI strategic partner, helping us expedite the growth of our strategic cybersecurity and global compliance services practice. Cynomi continues to pioneer advancements in cybersecurity management," said Jeff Schmidt, Chief Executive Officer at ECI, a leading provider of managed services to the financial services industry. "As a Cynomi partner, we have experienced firsthand the value that their vCISO platform brings to our business. We use it with many of our customers and look forward to expanding our use of Cynomi to support hundreds of additional managed organizations."

"The demand we've seen is a testament to the clear value of Cynomi and the pressing need for accessible cybersecurity management solutions tailored to managed service providers that serve the small and medium businesses that make up most of the global economy," said David Primor, Ph.D., co-founder and CEO of Cynomi. "We believe Cynomi has the potential to transform how millions of organizations worldwide operate, and it's been incredible to witness the difference vCISO services can make in protecting businesses at scale."

For more information about Cynomi, please visit https://www.cynomi.com/.

About

Cynomi's vCISO platform empowers MSSPs, MSPs, and consultancies to offer structured cybersecurity services to SMEs at scale and provide them with proactive cyber resilience. Combining proprietary AI algorithms with CISO-level knowledge, Cynomi helps partners overcome the cybersecurity skill gap and scale their business, allowing them to offer new services and increase revenues while reducing operational costs.

The company was founded by David Primor, a former Lt. Colonel in IDF unit 8200 and the Technology Executive Director of Israel's cyber authority, and Roy Azoulay, a serial entrepreneur who founded and headed Oxford University's startup incubator. Cynomi has offices in Israel, the UK, and the USA. To learn more about Cynomi's solution for MSPs, MSSPs, and cyber consultancies, visit www.cynomi.com 

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SOURCE Cynomi