Cynomi raises $20 million Series A to automate CISO tasks for SMEs
The company’s platform combines AI with CISO-level knowledge to automate many vCISO tasks, typically at a lower cost than hiring an in-house CISO.
Cynomi, a vCISO platform provider for Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs), has announced it has raised $20 million in a Series A round led by Canaan with Flint Capital, s16vc, and Aloniq among the return investors. Its AI-powered platform helps MSPs and MSSPs by automating many vCISO tasks, thereby helping providers achieve more cyber resilience for end clients, typically SMEs, at a lower cost than hiring an in-house CISO.
Full list of Israeli high-tech funding rounds in 2024
“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.”
In a recent survey of MSPs and MSSPs in North America, Cynomi found that while 19% offered vCISO services in 2023, 86% plan to provide or add vCISO services by the end of 2024, an increase of nearly 500%. The survey identified that they are usually attracted to vCISO services that enable them to achieve strategic goals, expand cybersecurity offerings, improve operational efficiency, and increase profitability.
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Cynomi was founded in 2021 by CEO David Primor, a former Lt. Colonel in IDF unit 8200 and the Technology Executive Director of Israel’s cyber authority, and COO Roy Azoulay, a serial entrepreneur who founded and headed Oxford University’s startup incubator. Its vCISO platform is already used by more than 100 service providers and the company has 25 employees across offices in Israel, the UK, and the USA. The funding comes following a $3.5 million Seed round in 2022.
