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Vulcan Cyber , a company developing software to help enterprise detect vulnerability in their software plenty , today announce that it raised $ 55 million in fairness financing lead by Maor Investments and Ten Eleven Ventures with participation from Dawn Capital and Wipro Ventures .
The investment funds comes at a precarious clock time for the cybersecurity diligence . Cyber VC funding is on pace to off a four - twelvemonth low;accordingto Crunchbase , cybersecurity startups raised around $ 1.9 billion during Q3 2023 , marking a 30 % decline from $ 2.7 billion in the period a yr ago .
Co - founder and CEO Yaniv Bar - Dayan attributes Vulcan ’s funding achiever to its emergence . In the 12 months leading up to Q3 , the troupe ’s revenue more than double , he state , while its customer base mature to over 200 company — 60 of which are “ go-ahead - sized . ”
“ Vulcan Cyber will use funds from this round to fuel extend product innovation , blow up into young markets , accelerate rapid taxation growth and establish on market place impulse , ” Bar - Dayan told TechCrunch in an email consultation — noting that the new hard cash brings Vulcan ’s total raised to $ 70 million .
It believably helped Vulcan , too , that software program vulnerabilities are a growing enterprise terror . As perStatista , in 2022 , internet user worldwide discovered over 25,000 fresh usual IT security vulnerability and exposures , the highest report yearly number to date .
Vulcan , which Bar - Dayan co - founded in 2018 with Tal Morgenstern and Roy Horev , provides an regalia of tools to help address — and prioritize — hazard around code vulnerability . The platform monitors security , IT , and DevOps software via APIs to espy possible exploits and plain off redress , either mechanically or under the supervision of a company ’s security squad .
Vulcan leverages a threat intelligence activity mesh to inform its suite ’s alerting and spotting policies , Bar - Dayan say . And it uses large speech models a la OpenAI ’s ChatGPT to “ generate remediation intelligence ” ( although it ’s unclear to this author what ’s intend by this incisively ) .
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“ Vulcan [ example ] flak paths from code to obscure to traditional mesh infrastructure [ and ] prioritize vulnerability remediation for plus based on plan of attack exposure [ and more , ] and then correlates connection between the software that need to be mend , ” Bar - Dayan said . “ The weapons platform democratise cyber jeopardy remediation with automated task grant , asset ownership management and risk elision workflows . ”
Now , a growing number of startup bid cock to scan codebases , cock and software bundle for security gaps , includingSonarSource(which recently bring up a whopping $ 412 million),Socket($20 million ) andBluBracket($12 million ) . So what jell Vulcan apart ? cake - Dayan point to the company ’s free offering , Vulcan Free , which launch last year — and which he believes is one of the only no - cost risk - based exposure management product on the market .
Of course , Vulcan ’s in the occupation of making money ; Vulcan Free serves as a funnel shape to Vulcan ’s in full managed product .
“ The manufacture does n’t want more vulnerability direction scanner and tools , ” Bar - Dayan said . “ We need holistic , action mechanism - oriented cyber risk management that addresses and remediate factual business jeopardy and aid maximize investment in datum - generating dick . Vulcan Cyber is on a mission to excrete these challenges and own the cyber hazard direction market and switch the exposure direction market for practiced . ”
Vulcan presently employs a team of around 90 people . Bar - Dayan would n’t dedicate to charter plans , but said that the destination is to grow headcount “ gradually ” with the byplay .
