Penetration testing platform startup Pcysys Ltd. today said it has raised $25 million in new funding to expand the company’s sales and delivery teams and further develop its technology.
The Series B round was led by Insight Partners and included existing investors Awz Ventures and the Blackstone Group.
Founded in 2015, Pcysys — an acronym for “proactive cyber systems” — offers an automated penetration testing platform that’s designed to assess and reduce cybersecurity risks. Pentesting, as it’s usually known, involves testing information technology networks through a series of simulated attacks to identify vulnerabilities.
It’s a commonly offered form of cybersecurity practice. But Pcysys claims that regular pentesting using humans is obsolete, and its software and algorithms can do a better job.
The company’s automated pentesting platform, Pcysys PenTera, uses algorithms to scan and ethically attack the enterprise network with the latest hacking techniques, identifying security weaknesses. The company says the platform also enables cost-effective remediation by focusing on vulnerabilities in a proven “kill-chain” to provide visibility to more serious risks.
PenTera is offered both for on-premises data centers or remotely to enterprise customers. It’s also available to managed security service providers on a pentesting-as-a-service basis, with white-label support.
Notable Pcysys customers include Cybereason Inc., Blackstone Group Inc., Zenith, Altice Europe N.V. and Exabeam Inc.
In a statement, various participants in the round made the usual statements about how great the company was, but more interesting from a startup perspective is a blog post from Chief Executive Officer Amitai Ratzon in which he covers various aspects of the company and the round.
Notably, it took roughly two years for Pcysys to raise venture capital from Insight. “From the very first meeting with Insight Partners’ Trent Buenzli and Julian Marcu in NYC back in 2018 through the final meeting with Philine Huizing, Thomas Krane and Mike Triplet earlier this year, it was apparent that we were talking to the Ivy League of VCs,” Ratzon wrote.
Including the new funding, Pcysys has raised $39.5 million to date.
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