Funding round led by Dawn Capital will support growth of Vulcan Cyber for cloud, IT and application security while delivering the industry's first free risk-based vulnerability management platform
TEL AVIV, Israel, March 17, 2021 /PRNewswire/ -- Vulcan Cyber, developers of the industry's only vulnerability remediation orchestration platform for application and cloud security, today announced it has secured a $21 million Series B round led by Dawn Capital with participation from Wipro Ventures and existing Vulcan Cyber investors YL Ventures and Ten Eleven Ventures. The company will use the funds to support the rollout of new vulnerability remediation solutions for cloud and application security teams, and to deliver Vulcan Free. Vulcan Free is the industry's first, free risk-based vulnerability management (RBVM) platform for vulnerability and cyber risk prioritization.
Vulcan Cyber experienced 500 percent growth in annual recurring revenue (ARR) in 2020. Its new funding will be used to satisfy substantial global demand for a SaaS solution that goes beyond vulnerability scanning and management to help IT and security teams achieve remediation outcomes and get fix done. The Vulcan Cyber platform helps enterprise teams collaborate from scan to fix to orchestrate and analyze remediation campaigns at scale.
"The launch of Vulcan Free underscores the Vulcan Cyber philosophy that vulnerability prioritization is not an end goal, but simply one element in proper remediation. Vulcan Free changes decades-old market dynamics that only focus on vulnerability identification instead of driving remediation outcomes. Remediation orchestration is the only viable way to deliberately align vulnerability management with the needs of digital business and cloud and application environments," said Yaniv Bar-Dayan, Vulcan Cyber CEO and co-founder. "This round of funding allows us to make these critical security tools available to more organizations free of cost, so they can get fix done."
In addition, Vulcan Cyber announced that Henry Mason, Dawn Capital principal, will join John Brennan, YL Ventures partner, and Mark Hatfield, Ten Eleven Ventures founder and general partner, as the newest addition to its board of directors.
Mason said, "Vulcan Cyber has seen explosive growth over the last year, signing landmark customers across every vertical. As attack surfaces continue to grow exponentially, the Vulcan Cyber next-generation solution resonates powerfully with an IT security market that has historically lacked effective vulnerability management tools. Vulcan Cyber makes it possible to actually remediate vulnerabilities by fostering collaboration across teams and automating the work of remediation from scan to fix. We are thrilled to be supporting the team to deliver this new stratum of security solutions."
Almost all exploited vulnerabilities are known by security and IT teams at the time of the incident. Vulnerability remediation windows currently span months or years and plague enterprises with limited capacity to address them before they disrupt the business.
Scott Crawford, Security Research Director for 451 Research, part of S&P Global Market Intelligence, said, "With advances in vulnerability scanning and asset management tools, it is relatively easy for security teams to collect data from a wide variety of IT assets and computing environments. This has led to increased visibility within an organization, but with the explosion of IT assets, resource-starved security teams are having trouble handling the resulting increase in vulnerabilities and alerts. Remediation becomes difficult as security and IT must work to find a balance between availability and stability and the fact that some assets must be taken offline for patching. As more vulnerabilities are discovered, teams quickly realize they cannot feasibly resolve them all, so they are left with figuring out which vulnerabilities to prioritize and remediate."1
The Vulcan Cyber remediation orchestration platform uses step-by-step, orchestrated workflows and automation to fix vulnerabilities quickly and at scale with the tools already in use by DevOps, IT and security teams. Vulcan is used to prioritize vulnerabilities, get the right remedies to the right people, integrate with dozens of best-of-breed tools, and automate remediation tasks at scale.
Vulcan Cyber will use the round to fuel product R&D and further extend its leadership position in cloud and application security through vulnerability remediation orchestration. The company will also continue to enhance its freemium strategy with Remedy Cloud, the world's largest free database of vulnerability intelligence, and will introduce Vulcan Free as the only free vulnerability prioritization and risk-based vulnerability management platform. The Vulcan Cyber mission to help businesses reduce risk and "get fix done" is manifest in these free services and its willingness to give back to the cyber security community.
The company will also use its Series B to enhance direct sales while expanding its channel program and managed security service provider (MSSP) relationships. Businesses of all sizes and industries now have the ability to significantly reduce their attack surface and improve cyber hygiene with free access to all the solutions needed to effectively fix vulnerabilities that generate unnecessary business risk.
Visit the Vulcan Cyber BrightTalk channel for additional insights, demos and case studies from companies like Snowflake, Levi Strauss, HBO Max, and Akamai.
For more information about Vulcan Cyber, please visit https://vulcan.io/ or try Remedy Cloud today. Fifty Vulcan Free instances are now available via an initial, limited release. Additional instances will be made available soon. Apply for Vulcan Free access today.
About Vulcan Cyber
Vulcan Cyber has developed the industry's first vulnerability remediation orchestration platform, built to help businesses reduce cyber risk through measurable cloud and application security. The Vulcan platform orchestrates and tracks the remediation lifecycle from scan to fix by prioritizing vulnerabilities, curating and delivering the best remedies, and automating processes and fixes through the last mile of remediation. Vulcan Cyber helps IT security teams collaborate and "get fix done" at scale. Vulcan Cyber is proud to offer Remedy Cloud and Vulcan Free as freemium SaaS solutions for businesses of all sizes. The unique capability of the Vulcan Cyber platform has garnered Vulcan Cyber recognition as a 2019 Gartner Cool Vendor and as a 2020 RSA Conference Innovation Sandbox finalist. https://vulcan.io
About Dawn Capital
Dawn Capital is Europe's leading specialist B2B software investor, with assets under management of $1bn. The firm partners with innovative companies that, through exceptional teams, products, and business models can become category-defining, global titans. Dawn is an early-stage investor, backing companies at Series A and B, and continuing to fund the best-performing from growth rounds through to exit. Its roster of investments includes Mimecast (now NASDAQ-listed with a $3.0bn market cap), iZettle (sold to PayPal for $2.2bn cash), Collibra, Dataiku, Showpad, Templafy, Quantexa, Soldo, and Tink, amongst others. Read more at www.dawncapital.com.
About Wipro Ventures
Wipro Ventures is the strategic investment arm of Wipro Ltd. (NYSE: WIT) and focuses on investing in early-to mid-stage startups. The venture arm leverages Wipro's global reach and market knowledge to accelerate the growth of its portfolio companies. Wipro's broad customer base of Global 1000 clients provides a better understanding of customer needs and market trends, providing valuable guidance to portfolio companies. For more information, please visit https://www.wipro.com/en-US/innovation/ventures/.
About YL Ventures
YL Ventures funds and supports brilliant Israeli tech entrepreneurs from seed to lead. Based in Silicon Valley and Tel Aviv, YL Ventures manages over $300 million and specializes in cybersecurity. YL Ventures accelerates the evolution of portfolio companies via strategic advice and U.S.-based operational execution, leveraging a powerful network of Chief Information Security Officers and global industry leaders. The firm's track record includes successful, high-profile portfolio company acquisitions by major corporations including Palo Alto Networks, Microsoft, CA and Proofpoint. For more information, visit www.ylventures.com.
About Ten Eleven Ventures
Ten Eleven Ventures is the original venture capital firm focused solely on investing in digital security. The firm invests globally and at all stages, from seed to growth (the latter via its Joint Investment Alliance with KKR). Since its founding in Silicon Valley in 2015, Ten Eleven Ventures has raised nearly $US 500 million and invested in 27 leading cybersecurity companies including Twistlock, Verodin, Cylance, KnowBe4, Darktrace, and Ping Identity. For more information, please visit www.1011vc.com or follow us on Twitter @1011vc.
1 "Vulcan Cyber adds risk-based vulnerability prioritization and analytics to its remediation orchestration offering," January 6, 2021, 451 Research, part of S&P Global Market Intelligence.
Media contact:
Dex Polizzi
Lumina Communications on behalf of Vulcan Cyber
vulcan@luminapr.com
