TEL AVIV, Israel and HACKENSACK, N.J., Oct. 21, 2015 (GLOBE NEWSWIRE) -- Cytegic, a provider of cybersecurity risk management solutions, today announced it has completed its second round of angel funding, securing an additional $3 million from a prominent set of angel investors, bringing total funding in the company to $6 million. Cytegic will use this investment to accelerate its U.S. expansion, starting with the opening of its U.S. headquarters in New Jersey and the addition of Josh Morris as vice president of Sales, North America, as announced in a separate release issued today.
Since its January 2015 launch, Cytegic has generated significant momentum, closing several large deals and identifying new go-to-market opportunities across various sectors including the insurance, financial services and legal industries.
Cytegic’s platform analyzes an organization’s cyber risk posture against external threat intelligence; evaluates the potential impact of changes; and then presents risk scores that enable board-level oversight and decision-making.
“CISOs and others with security and risk responsibilities find it extremely difficult to articulate their agendas; demonstrate the value of their programs, processes and controls; indicate that they understand the key risks of their business ‘clients’; and — crucially — to justify the expenditures on their activities,” Gartner, Inc. Analyst Jeffrey Wheatman stated in a recent report titled, Five Tips for Security and Risk Leaders When Communicating With Business Stakeholders. “Security leaders themselves don't believe they are effective communicators. An audience poll conducted at Gartner's 21st annual Security and Risk Management Summit indicated that almost 30 percent of respondents rate themselves as less than somewhat effective at communicating to their stakeholders, and only 11 percent stated that they were very effective at communicating.”
With venture investment in cybersecurity at an all-time high, Cytegic felt an additional angel round would provide the runway needed to deliver incontrovertible proof of its value proposition in advance of conducting a Series A round. Having secured investment from an elite group of individual investors, including Cytegic chairman and former head of Israel’s Internal Security Agency and ambassador to Denmark, Carmi Gillon, Cytegic is leveraging its diverse network of relationships and experience to fuel short-term growth goals without co-opting its ability to evaluate and seed longer-term opportunities that could exponentially increase its market footprint.
“Cytegic’s offering is truly disruptive in that its objective is to integrate the IT security function into business operations,” said Paul Jenkel, the former SVP at a leading global investment management firm with more than $450 billion in assets under management and one of the investors in this round. “Cybersecurity has become a key business issue, but despite its criticality, it is still a relatively new discipline. Cytegic’s platform creates the common ground needed for CISOs and their executive teams and boards to align on how cyber risk plays into business decisions – a much-desired yet elusive concept that Cytegic’s technology, team and vision are well on their way to making a reality.”
Joining Jenkel in the investment round are Ambassador Stuart A. Bernstein (Ret.), chairman emeritus of The Bernstein Companies LLC, one of the largest real estate equity funds in the mid-Atlantic region with more than $330 million of invested equity since its inception, and Kenneth L. Stein, partner and IP law expert at Greenfield Stein & Senior, LLP.
“Our customers are tasked with securing large, global infrastructures, and they tell us the Cytegic platform has transformed their relationships with executive management and fostered confidence and respect for the security organization in ways that are positively impacting corporate culture,” said Shay Zandani, CEO and co-founder of Cytegic. “We are extremely excited about our current success and look forward to working with our customers and investors to enable organizations to mature cybersecurity operations and leverage their cyber risk insights to make better business decisions.”
For more information, please visit http://www.cytegic.com.
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Cytegic offers the first cyber risk management platform that enables Information Security leaders to communicate the business impact of cyber risk to senior executives and board-level audiences. Its suite is comprised of three products: the Cyber Decision Support System (CDSS), Cyber Maturity Assessment (CyMA) and Dynamic Trend Analysis (DyTA) solutions. These can be used as stand-alone solutions for intelligence analysis, continuous monitoring and decision support, or be combined.
Based in Tel Aviv, Israel and Hackensack, New Jersey and founded in 2012, Cytegic is led by a renowned team of cybersecurity and risk assessment experts. CEO Shay Zandani founded the Israeli Air Force's Information Warfare department, and Executive Chairman, Ambassador Carmi Gillon, is the former head of Shabak, Israel's domestic intelligence agency. Cytegic President Elon Kaplan, Ph.D., is a strategy and organizational psychology expert, with 25 years’ experience with large financial institutions and information technology firms. Customers include Amdocs, PwC and Bank Leumi, as well as other large Israeli banking institutions. For more information, visit www.cytegic.com.
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