Cypago, a Tel Aviv, Israel-based cybersecurity startup that aims to simplify and automate cybersecurity processes related to governance, risk, and compliance using AI technology, raised $13 million in funding (plus $2 million in debt).
The funding round was led by prominent venture capital firms Entrée Capital, Axon Ventures, and Jump Capital.
Entrée Capital is a venture capital firm founded in 2009 based in Herzliya, Israel. The firm seeks to invest in companies operating in financial technology, deep technology, software as a service (SaaS), artificial intelligence, e-commerce, food technology, insurance technology, cryptocurrency, cyber security, agricultural technology, and consumer sectors.
Founded in 2014, Axon Ventures is a venture capital firm investing in early-stage startups based in San Diego, California. Axon Ventures provides an alternative venture investment vehicle to its capital partners. It leverages its extensive network of domain experts to source, diligence, and present the best deals in venture capital to its partners.
Jump Capital is a thesis-led, sector-focused, and operating-centric venture capital firm specializing in Series A. Jump invests in data-driven technology companies within the FinTech, B2B SaaS, IT/Data Infrastructure, and Media sectors.
Cypago Use of Funds
With the funds raised, Cypago plans to focus on several key areas of growth and development. The company intends to strengthen its Research and Development (R&D) division, invest in its product teams, and support its go-to-market efforts in North America and the European Union. Cypago aims to expand its team from 26 employees to "30 or more" by the end of the year.
Founded by Arik Solomon and Yahav Peri, Cypago is a cybersecurity software company that specializes in automating cybersecurity processes and workflows related to cyber governance, risk, and compliance. Cypago offers a software-as-a-service (SaaS) platform designed to streamline cybersecurity processes for organizations. The platform leverages artificial intelligence (AI) to automate tasks related to collecting, analyzing, and measuring data pertinent to security, compliance, and privacy controls. The platform can function effectively in both cloud-based and on-premises environments. Cypago's primary goal is to help businesses achieve and maintain compliance with evolving cybersecurity standards by leveraging AI and technology.
Company: Cypago Security Ltd.
Funding Month: August 2023
Lead Investors: Entrée Capital, Axon Ventures, and Jump Capital
Company Website: https://cypago.com/
Software Category: Cybersecurity Software