Cynomi Raises $20M for AI-Powered Cybersecurity Platform

Cynomi, a provider of virtual chief information security officer (vCISO) platforms, has secured $20 million in a Series A round led by Canaan.

Cynomi, a supplier of virtual chief information security officer (vCISO) platforms for MSPs and MSSPs, has announced that it has secured $20 million in a Series A round. The deal was headed by Canaan, with return investors including Aloniq, S16VC, and Flint Capital. 

With its AI-powered platform, MSPs and MSSPs can automate several vCISO duties. This allows providers to help end clients, who are usually SMEs, achieve greater cyber resilience at a cheaper cost compared to hiring an in-house CISO.

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 the global economy, said David Primor, Ph.D., Cynomi’s co-founder and CEO. It has been quite remarkable to observe the impact that vCISO services can have on safeguarding enterprises on a large scale, and we are confident that Cynomi will revolutionize the way millions of organizations around the world function.

A recent poll conducted by Cynomi among MSPs and MSSPs in North America revealed an astounding increase of 86% in the intention to deliver or add vCISO services by the end of 2024, compared to 19% in 2023. This represents roughly 500% growth. According to the poll results, vCISO services are generally appealing to them because they help businesses reach their strategic objectives, broaden their cybersecurity offerings, enhance operational efficiency, and boost profitability.

Cynomi was established in 2021 by its chief executive officer, David Primor, a former lieutenant colonel in the Israeli Defense Forces and the head of the cyber authority’s technology division, and its chief operating officer, Roy Azoulay, a serial entrepreneur who established and oversaw the startup incubator at Oxford University. 

Over 100 service providers already utilize the company’s vCISO technology, which employs 25 workers across offices in Israel, the UK, and the USA. Following a seed round of $3.5 million in 2022, this financing is being provided.