Vulcan Cyber Closes $55 Million Series B with Additional $34 Million to Solidify Position as a Leader in Cyber Risk Management

Latest round led by Maor Investments and Ten Eleven Ventures bolsters Vulcan Cyber vulnerability risk management leadership position, and promotes expansion into cyber risk and attack path management markets

TEL AVIV, Israel, Nov. 15, 2023 /PRNewswire/ -- Vulcan Cyber®, developers of the market-leading cyber risk management platform, today announced it has closed its $55 million Series B with the addition of a $34 million investment led by Maor Investments and Ten Eleven Ventures with participation from existing Vulcan Cyber investors Dawn Capital and Wipro Ventures. This latest investment marks a total of $70 million invested in Vulcan Cyber to date.

Based on annual recurring revenue in the trailing twelve months through Q3 2023, Vulcan Cyber more than doubled revenue year over year while aligning with current market requirements for operational efficiency. Vulcan Cyber revenue growth is based on substantial global demand for a SaaS solution that goes beyond traditional vulnerability scanning and vulnerability management to help cyber security teams and asset owners mitigate the cyber risk that presents the most critical threat to customers' unique organizations.

Vulcan Cyber will use funds from this round to fuel continued product innovation, expand into new markets, accelerate rapid revenue growth, and build on market momentum.

Vulcan Cyber was recently recognized as a Leader in The Forrester Wave™: Vulnerability Risk Management, Q3 2023 (1) and the Omdia Universe: Risk-Based Vulnerability Management Solutions, 2023 (2) vendor evaluations. In addition, Vulcan Cyber was named a winner of the coveted SINET16 Innovator Award as one of the most-innovative and compelling cyber security products of 2023.

According to the Forrester Vulnerability Risk Management Wave, "Vulcan Cyber's innovative culture sets it apart from now-common VRM approaches. Vulcan Cyber's differentiated and detailed vision is to democratize risk through self-service, no-code data ingestion, and AI data mapping. Vulcan Cyber is a great fit for organizations that foresee technology ownership expanding throughout their business stakeholders."

Samira Jamnejad, Wealthsimple security assurance manager, said, "Our vulnerability management team collaborates with more than 800 software engineers and asset owners to mitigate risk across our environment. Vulnerability risk management at this level of scale would not be efficient, or even possible, without Vulcan Cyber risk prioritization and risk mitigation orchestration."

Eric Elalouf, managing partner of Maor Investments, said, "As the threat landscape and attack surfaces grow in complexity and scale, Vulcan Cyber increasingly resonates with cyber security executives who recognize the challenge and seek an innovative, more-effective approach to cyber risk management. With a flexible architecture allowing integration to virtually any security tool in the market and adaptive risk prioritization, Vulcan Cyber is ideally positioned to lead the enterprise cyber risk management market. We are thrilled to support the Vulcan Cyber team, driven by a clear vision and outstanding leadership."

Yaniv Bar-Dayan, Vulcan Cyber CEO and co-founder, said, "Vulcan Cyber is leading the way in a push to move beyond common vulnerability management functions of scan and prioritize, to ease the heavy lifting of meaningful risk mitigation. Efficient collaboration between security, engineering, operations teams and asset owners is essential. Orchestration and automation of remediation tasks at enterprise scale is critical. This round of funding will help Vulcan Cyber deliver on its vision to help customers align vulnerability risk management efforts with business priorities."

Vulcan Cyber is building the platform to support comprehensive exposure management going beyond traditional vulnerability management to include:

• Application security posture management (ASPM);
• Cyber asset attack surface management (CAASM);
• Risk-based vulnerability management (RBVM);
• Exposure and risk analytics.

Vulcan Cyber customers efficiently reduce the most-critical attack surface risk and improve overall cyber hygiene through the use of these innovative capabilities:

• Integration with hundreds of security tools and data sources to rationalize spend and help customers get the most out of cyber investments;
• A composite view of the customer's unique cyber risk exposure across all attack surfaces using business and asset context;
• Identification of attack paths associated with cyber crown jewels and asset interdependencies for vulnerability risk prioritization and holistic security posture management;
• Task automation and orchestration vulnerability risk mitigation campaigns at scale;
• Machine learning and artificial intelligence to generate vulnerability remediation instructions for asset owners and operations teams;
• Comprehensive risk analytics with reporting and dashboards for SLA adherence and compliance.

Attend the upcoming CyberRisk Summit on December 5, 2023 and hear Yaniv Bar-Dayan deconstruct the Forrester Wave, and learn how Vulcan Cyber customers Wealthsimple and Paystack have used Vulcan Cyber to efficiently reduce critical cyber risk.

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About Vulcan Cyber
Vulcan Cyber has developed the industry's first cyber risk management platform, built to help businesses reduce vulnerability and asset risk through measurable and efficient attack surface security. Vulcan Cyber orchestrates and tracks the vulnerability remediation lifecycle from scan to fix by aggregating risk and asset data, prioritizing vulnerabilities using business context, curating and delivering the best remedies, and automating mitigation processes through the last mile of remediation. Vulcan Cyber is proud to offer Vulcan Free, VulnRX and MITRE Mapper as freemium SaaS solutions for IT security teams at businesses of all sizes. The unique capability of the Vulcan Cyber platform has garnered Vulcan Cyber recognition as a 2019 Gartner Cool Vendor, as a 2020 RSA Conference Innovation Sandbox finalist, as a 2023 SINET16 Innovator Award winner, and as a vulnerability risk management leader in several industry analyst evaluations. https://vulcan.io

About Maor Investments
Maor Investments is a Luxembourg-based venture capital fund that exclusively invests in Israeli Technology companies. Maor's mission is to build a business bridge between Israeli startups that want to penetrate the European market and European companies that want to leverage Israeli technology and bolster innovation. Maor has become a leading growth investor in the Israeli tech ecosystem, with notable investments in WSC Sports, Aidoc, Coralogix, Silverfort, Medigate and Minute Media. For more information, visit https://maorinvestments.com/

About Ten Eleven Ventures
Ten Eleven Ventures is the original cybersecurity-focused, global, stage agnostic investment firm. The firm finds, invests, and helps grow top cybersecurity companies addressing critical digital security needs, tapping its team, network, and experience to help build successful businesses. Since its founding, Ten Eleven Ventures has raised over $US 1 billion and made over 40 cybersecurity investments across stages worldwide, including KnowBe4, Darktrace, Axis Security, Twistlock, Verodin, Cylance, and Ping Identity. For more information, please visit www.1011vc.com or follow us on Twitter @1011vc.

1 "The Forrester Wave™: Vulnerability Risk Management, Q3, 2023," September 19, 2023, Forrester Research.

2 "Omdia Universe: Risk-Based Vulnerability Management Solutions," September 18, 2023, Omdia.

SOURCE Vulcan Cyber