Cynomi Raises $20M for AI-Driven Virtual Cybersecurity Agent Solution for Vendors

Tel Aviv, Israel-based, artificial intelligence-powered virtual information security officer platform for managed service providers Cynomi Ltd. announced today it has raised $20 million in new funding to drive its international expansion and help clients close the cybersecurity skills gap.

The company’s Series A funding round was led by venture capital firm Canaan and joined by returning investors Flint Capital, s16vc and Aloniq. This first round brings the company’s total raised to $23.5 million following a $3.5 million seed round in February 2023 led by Flint Capital.

Cynomi seeks to disrupt the cybersecurity landscape by offering managed service providers and security service providers the ability to deliver virtual CISO capabilities with AI insights and automation at a small fraction of the cost without having to to be hired internally.

The company says its platform combines everything a CISO would do for a client by prioritizing tasks and helping reveal where clients’ resources would be best used. It does this by extracting information from questionnaires, external and internal analytics, real-time threat intelligence, industry benchmarks and standards, then feeds it through the AI ​​engine and into a dashboard easy to understand.

“The demand we have seen speaks to the clear value of Cynomi and the urgent need for accessible and responsive cybersecurity management solutions for managed service providers who serve the small and medium-sized businesses that make up most of the global economy said co-founder and CEO David Primor.

According to Cynomi, it is the only company that sells an automated virtual CISO solution through this channel and has already attracted more than 100 service providers who protect their customers through its platform. Primor said it expects this number to increase in the coming years, given the groundswell that has occurred since launch, as vCISO services remain in demand. According to the company own conclusions86% of MSPs and MSPs plan to provide vCISO services by the end of the year.

“As a Cynomi partner, we have seen first-hand the value their vCISO platform brings to our business,” said Jeff Schmidt, CEO of ECI, a managed services provider to the financial services industry. “We use it with many of our customers and look forward to expanding our use of Cynomi to support hundreds of additional managed organizations.”

Primor said the new funding will be used to help expand the company’s operations internationally and continue to improve the platform for interacting with its managed service provider partners. The objective is to enable them to expand their activities into strategic cybersecurity services.

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