The$ 37 million raised in a Series B round is intended to enhance the agentic AI and robotics features of their online CISO system for MSSPs and Professionals, as well as expand their presence in the U.S. and Europe.
Israeli startup Cynomi, which was founded in 2020, today announced its most recent cash round. Co-founder and CEO David Primor cited the company’s impressive growth, noting that monthly recurring income increased by 4.5X in 2023 and by 3X that season. He emphasized Cynomi’s expanding opportunities for both the company companies it supports and itself.
In a blog post, Primor wrote that” the demand for security and compliance companies has never been higher, especially among SMBs, who frequently lack internal resources to meet growing digital and regulatory requirements.” Service providers have a sizable prospect as a result of this, but only if they can expand their services successfully. I think Cynomi is best suited to help this transformation, and besides.
The$ 37 million funding large, co-led by Entrée Capital, Insight Partners, and other partners, including the involvement of existing investors Canaan, Flint Capital, and S16VC, will enable the Cynomi to grow its partnership habitat. The target has primarily been on MSSPs, Professionals, companies, and telcos right now. Professionals will then contact integrators and resellers as well as other service providers.
100 % Partner-Focused
Co-founder and COO Roy Azoulay told MSSP Alert that Cynomi’s go-to-market target didn’t change despite a renewed effort to expand the relationship habitat.
” We operate entirely with service companies through a partner-based model, and this strategy will be fundamental,” Azoulay said. Our commitment to a 100 % partner-driven model continues despite our expansion to include a wider range of partners, such as the service division of a big Western telecoms company.
For SMBs and mid-size businesses, Cynomi provides an AI-driven vCISO support to MSSPs and Professionals. Instead of serving as full-time professionals on a company’s management team, the goal of vCISOs is to provide access to seasoned security professionals who work as experts. Clients can now afford the security skills they require at a lower price than hiring a full-time executive.
The vCISO business is expanding rapidly
Analysts from Business Research Insights project a rise in the world vCISO business, which will exceed$ 1.06 billion in 2023, to$ 1.48 billion by 2032, driven by the rise in security regulations and the complexity of cyberthreats. A number of businesses offer vCISO companies, including well-known brands like Amazon Web Services and distributors like CyberSecOp, CisoShare, and Optiv, all of which are in a competitive environment.
Additionally, Cynomi is seeing a growing need for vCISO companies. In a s in 2024, almost 98 % of respondents said they would offer vCISO programs. In addition to increasing customer , about 94 % reported increases in both income and profits for 59 % of those that introduced like options.
Primor also noted in his blog post that partners reported a 70%-percent less manual labor when using Cynomi’s program, which would help them expand their firms and raise the bar for customer service.
Bring on the AI officials
The system of Cynomi’s AI is at the heart of Cynomi’s, enabling the automatic generation of danger and conformity assessments, space analyses, policies, remediation plans, progress tracking, and other things. According to Azoulay, these features are fueled by Cynomi’s AI website. The business will now concentrate on expanding its use of AI providers.
Our agentic AI capabilities will enable us to advance this, he said, by allowing a mortal analyst to assign automatic agents more complicated tasks. These brokers will carry out the task on their own, with just need for human assistance at crucial decision points. This improves productivity and enables experts from focusing on more important strategic tasks.
The company may receive additional funding to add new features, deeper integrations, and increased functionality to increase the platform’s capabilities and enable them to be released more swiftly, according to the COO.
Beyond product development, Azoulay said,” We’ll also invest in resources to help our companions become even more proficient at providing security services, boost their security firm, and increase their income and success through these services.”