A local cybersecurity startup is looking to scale operations and enhance its offerings after landing one of the biggest local funding rounds of the year so far.
Irving-based Cysiv, a managed security-operations-center-as-a-service provider, announced closing a $26 million Series A funding round led by San Francisco-based venture capital firm ForgePoint Capital, joined by active backer and investing arm of Irving-based data security solutions provider Trend Micro.
As part of the deal, Alberto Yépez, ForgePoint co-founder and managing director, has joined the company’s board of directors, and Andrew McClure, principal at ForgePoint, has joined the Cysiv board as an observer.
“Cysiv addresses one of the most complex challenges… how to build and manage an enterprise SOC,” Yépez said in a prepared statement.
The $26 million funding round is the second largest of 2020, thus far. Coming in behind Fort Worth- an Paris-based clinical stage biotech company Eyevensys’ $30 million Series B funding round led by Boehringer Ingelheim Venture Fund in early January.
Cysiv was created in 2018 as partnership between Trend Micro and Frisco-based information risk management company HITRUST. However, the company now operates independently of the two.
Cysiv provides cloud-based monitoring platform combines security information, threat intelligence software and user entity behavior analysis, among other things, to help clients detect, investigate and solve emerging cyber threats.
“The AI-powered security operations and analytics platform that’s at the heart of this new service is part of our on-going efforts to enable the SOC with greater visibility, and to add more actionable intelligence and automation to enterprise security,” said Eva Chen, Micro Trend co-founder and CEO, in a prepared statement at the time of Cysiv’s founding.
According to a release, Cysiv plans to use the influx of funding to further scale the operations of its business, as well as add new features and enhancements to its platform.
