Vulcan Cyber raises $34 million
Vulcan Cyber raises $34 million
The funding is the second part of the startup’s B round which began in 2021, and raised $21 million, totaling $55 million to date.
Israeli cybersecurity company Vulcan Cyber, which develops a platform for managing vulnerability risks, raised $34 million as part of its B Round. In the first part of the round in 2021, the company raised $21 million. This round was led by Maor Investments and Ten Eleven Ventures, with participation from prior investors such as Dawn Capital and Wipro Ventures.
Founded in 2018 by Yaniv Bar-Dayan, Tal Morgenstern, and Roy Horev, Vulcan Cyber has raised a total of $55 million since its inception. The company, with offices in Tel Aviv, the United States, and Europe, employs around 100 people. Its clients include Deloitte, Skechers, and Google’s Mandiant, which uses the platform to manage their millions of cyber vulnerabilities.
In an interview with Calcalist, CEO Yaniv Bar-Dayan said, "The company's valuation remains the same. We raised at the peak valuation in 2021 and have grown into that valuation - growing by 200% last year. This allowed us to justify the current valuation, and we didn't have to lower it. No one knew what would happen in 2022, and we are trying to manage the company responsibly and grow efficiently and healthily. We have never raised overly large sums. Today, we need to do more with fewer people; when there are limitations on human resources, you see people doing things you didn't think were possible."
The funding round was completed before the outbreak of the war. "We have many reservists in the company, and it's not an easy time. Personal safety and mental health come first and foremost before business. We need the high-tech industry to remain intact through this period, and perhaps be even better,” Bar-Dayan said. “In the last five years we’ve dealt with COVID-19, a recession, and learned to adapt and provide a framework for dealing with uncertainty."
"We completed an excellent third quarter, and the war hasn’t affected our results, just the way we achieved them. So far we have managed to do what we planned, even though we have less manpower and fewer employees working from the office," says Bar-Dayan. "I come to the office every day to keep my sanity. All of our foreign investors have invested in Israel in the past, and they are all very supportive. They stand with us as a country and our ability to act decisively in a way that is stable and uncompromising comes from the support of our investors."
The company said that their revenue growth is based, among other things, on a significant increase in demand for a solution that provides a holistic approach to vulnerability management, beyond existing solutions in the market that focus only on detecting and identifying vulnerabilities. Today cybersecurity teams are seeking a solution that not only helps with detection and identification but also in understanding vulnerabilities, managing them at the organizational level, and effectively reducing cyber risks, which are the most critical threat to organizations today.
Unlike other products on the market, Vulcan Cyber’s platform can identify and manage vulnerabilities in the cloud, applications, and corporate networks. The product is designed to help manage a vast number of vulnerabilities, so that even the largest organizations which use multiple technologies and are exposed to a large number of vulnerabilities, will be able to use the product.
