LightCyber, a provider of breach detection and response solutions, announced that it has received USD 10 million in a new funding led by Battery Ventures with participation from existing investors Glilot Capital, and Marius Nacht, the founder of Check Point Software (CHKP). Post this Investment, Itzik Parnafes, general partner of Battery Ventures, will join LightCyber’s board of directors.
“Battery Ventures is the ideal partner to join LightCyber shareholders as we expand our leadership position in the breach detection market,” said Gonen Fink, chief executive officer of LightCyber.
The company aims to utilize the raised funds to expand LightCyber sales and marketing operations in the U.S. market to meet the increasing demand from enterprise customers for its flagship automated breach detection product – LightCyber Magna. The product helps companies mitigate the damage from cybercrime through early detection of active attacks that managed to penetrate existing security controls.
Launched In 2011 as a venture of veterans of the Israel Defense Force’s technological units. It is known as a security platform protecting enterprises from advanced persistent threats (APTs) and targeted attacks. The firm had secured USD 1.5 million in an unknown round. The latest round brings the total capital of the company to date is USD 11.5 million. At present, it has dozens of clients, among them banks, law firms, and government agencies and started selling its product in 2013.
“Today, a company’s security arsenal must contain technology that can identify malicious activity in the internal network with a minimum of false-positives. We were impressed by LightCyber’s vision to solve this challenge and with its world-class talent and technology that enable such a solution, and we are proud to partner with the company,” said Battery’s Parnafes.