Venture Capital: Cybereason, Which Offers Extended Detection and Response (XDR), Lands $275M
The round was led by former U.S. Treasury Secretary Steven Mnuchin’s Liberty Strategic Capital.
Cybersecurity provider Cybereason, a US-Israeli startup, raised $275 million in a Series F funding that, according to media reports valued it at $3.1 billion. The financing was led by Liberty Strategic Capital, a venture fund launched by former U.S. Treasury Secretary Steven Mnuchin, which put in $200 million, its maiden investment. Irving Investors, certain funds advised by Neuberger Berman Investment Advisers, and Softbank Vision Fund 2 invested the balance of $75 million. (Crunchbase)
The investment round, which was oversubscribed, brings up Cybereason’s aggregate funding to date to $664 million.
Secretary Mnuchin will join the Cybereason Board of Directors, and Liberty’s Senior Advisor General Joseph F. Dunford (Ret.), who served as the 19th Chairman of the Joint Chief of Staff (2015-2019), will join the Cybereason Advisory Board.
The company said in a statement that strong market demand for its AI-powered Cybereason Defense Platform has helped fuel its “hypergrowth.”
Large-scale ransomware attacks such as on Colonial Pipeline, JBS Meatpackers and Kaseya, which were preceded by the massive supply-chain attack on Solar Winds have brought cybersecurity front-of-mind for enterprises across the globe. The situation has become critical because so many people are now working from home, thus expanding the attack surface (system vulnerability) available to cyber criminals.
The Cybereason Defense Platform is operation-centric – exposing and ending entire “malicious operations” (MalOps).
According to Cybereason, MalOps are the key to successfully fighting modern cyberattacks, including the latest sophisticated ransomware attacks. The company claims it is undefeated in the battle against ransomware and is a leading innovator in XDR, EDR, and EPP solutions.
Cybereason will use the funds to enhance and expand its product offerings.
“Cybereason is fast becoming the global leader in cyber defense technology, and we could not be more pleased to make this extraordinary innovator the first addition to Liberty Strategic Capital’s portfolio,” said Secretary Steve Mnuchin, Founder and Managing Partner of Liberty Strategic Capital.
Related Story: Cyber-Risk Insurer Coalition Scores $175M Round
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