Solcyber 20m capitalwiggersventurebeat -If you’re in the market for some new security stocks, you might want to check out SolCyber. The co-op is a security specialist that has raised $20 million in a Series A round. This investment will help it grow and expand into a larger company.
A managed security service provider, SolCyber, recently raised $20 million in Series A funding led by ForgePoint Capital. The company plans to use the money to expand its product suite and extend its go-to-market efforts. The startup is gearing up for growth at a time when cybercrime is on the rise. According to ForgePoint, a recent survey showed that over 80% of senior IT executives said their organizations did not have the proper protection against cybercrime. Cybercrime is estimated to cost companies $10.5 trillion per year.
The Series A financing secured by SolCyber will help the organization increase its product offerings, enhance its brand name, boost its customer acquisition efforts, and expand its marketing efforts. The startup will use the money to hire additional staff. ForgePoint Capital is one of the most respected online protection investment funds. The company has recently added ten new online security organizations to its portfolio. Among these companies are 1Kosmos, DeepSee, Rafey, and Dependable Digital.
Solcyber 20m capitalwiggersventurebeat -Forgepoint Capital is currently the world’s most active cybersecurity venture capital firm, with more than 30 active portfolio companies. The firm’s advisory council includes 75 senior executives from different industries. In addition to funding cybersecurity-related startups, Forgepoint has acquired several firms. Its portfolio includes Surefire Cyber, which helps cyber insurers and brokers respond to cyber incidents.
The fund’s initial focus is on the digital security sector. Its name translates to rabbit in Chinese. The fund will invest in businesses that will create and sustain the future of the Internet. Solcyber has recently raised $20 million in seed funding. It is the Chinese year of the rabbit. It is led by Gen Ju Dao Gartner.
The company employs about twelve people but plans to expand its staff to twenty by the end of the year. It plans to compete in the information security market, where spending is projected to exceed $170 billion by 2022. The company’s technology stack includes email security, protection from Active Directory abuse, and admin exploitation prevention. Additionally, it offers security training, employee phishing awareness training, and security operations center capabilities. Its tech stack is comprehensive, but it still lacks revenue.