Solcyber 20m series: Solcyber raises $20M Series A to help everyone in the world
Introduction
Solcyber 20m series technology stack consists of endpoint protection, email security, Active Directory abuse protection, and admin exploitation prevention. The security operations center also provides other services like correlations, 365-day log retention, 24-hour monitoring, and phishing training for both clients and employees. After successfully collecting $20 million in a round a fundraising round headed by Forge Point Capital, the managed security service business Solcyber 20m series has emerged from stealth mode. The company intends to use the money into increasing its go-to-market methods as well as refining its goods and services in order to be ready for future expansion. The Series fundraising round was led by Forge Point Capital, and the money raised will be used to broaden the company’s product offerings, improve brand awareness, boost customer acquisition, and support an aggressive development of the personnel.
Explanation
Solcyber is a managed security service provider (MSSP) that markets itself as the first modern MSSP designed specifically for the midmarket. The company offers a service that assists organizations in mitigating cybersecurity threats in three primary areas: prevention, monitoring, and response. The company offers a curated collection of enterprise-grade security solutions together with services that are streamlined, straightforward, and easy to acquire at competitive prices. Solcyber 20m series claims that it is “disrupting the status quo” by introducing innovative managed security services that seek to lessen cybersecurity threats while cutting down on unnecessary resources and simplifying complicated systems. Solcyber 20m series boasts are audacious for a startup coming out of stealth mode. Cyber and ransomware assaults like Colonial Pipeline and Kaseya REvil show that attackers don’t care about the size of a target, but Solcyber 20m series claims their solution rapidly boosts a company’s security posture to a level where it can battle sophisticated threats.
Solcyber 20m series makes a valid point in arguing that it is exceedingly difficult for midmarket firms with limited resources and finances to be in control of cyberspace since hackers utilize the same sophisticated tactics regardless of the target. Sol Cyber CEO Scott McCrady released a statement saying, “We realize it is challenging for midsized enterprises to keep safe.” Hundreds of vendors provide thousands of different security solutions. It’s difficult and time-consuming to find the best components for your security stack. We created sol Cyber to aid businesses in greatly improving their odds of thwarting cyberattacks before they do any damage. The record for the most number of cyberattacks and data breaches ever recorded globally stands in the year 2020. One survey found that despite increased IT stability spending, over 80% of top IT workers and protection executives believed their companies lacked effective security against cyberattacks. By 2025, it is expected that cybercrime will cost the global economy $10.5 trillion annually. The average time to detect and contain a breach is presently about 80 days. Forge Point Capital saw a need for far more robust cybersecurity solutions, so they launched sol Cyber to meet that need. In order to launch and grow the company, Scott McCrady was named CEO.
Based on hundreds of discussions with actual customers, we have been focused on building a comprehensive stability stack for our users ever since we opened our doors. “With today’s launch, we are putting an emphasis on customer acquisition,” McCrady told Venture Beat in an email. “We presently have a handful of customers in beta and are on pace to have a thousand stop individuals by mid-August.”
Technology stack with a focus on security
An endpoint with enhanced detection and response capabilities, secure email, security against the abuse of Lively Directory, and protection against administrative exploitation are all part of Solcyber’s technological stack. In addition, users obtain services such as security education and staff phishing education, as well as the capability of the security features center to develop correlations, keep records for a whole calendar year, monitor activities round the clock, and a great deal more.
McCrady said that sol Cyber was “taking a different approach to the… room,” adding that “all of this will be part of the bundle in an easy-to-consume for each customer priced offering.” The question, “What are the top five things I need to have to do to significantly enhance my safety posture?” is a common use case we hear from customers. This is true in general, but it’s particularly relevant when it comes to getting cyber insurance. Essential safeguards must be set up immediately. We meet this need by supplying the technology and the solutions that swiftly increase their security and also answer the questions cyber insurance providers ask about the security measures that are in place.
Solcyber 20m series, which employs 12 people, states that it receives “quite constricted volumes of money” at now. However, by the end of the year, the firm plans to have expanded its staff to 20 members, in an effort to take on the information security market, where spending is expected to surpass $170.4 billion by 2022, as reported by experts at Gartner. Like many other forms of protection, the pandemic has provided a tailwind for the cybersecurity industry. Because of cloud (and now remote) function capabilities, “the barriers of the firm continue to dematerialize,” McCrady said. As a result, “there is a need for reliable protection techniques and goods and services that can keep businesses protected regardless of the novel forms of networks and working places that are developed as a result of the pandemic,” the author writes.
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