Cylera announced the company secured $10 million in Series A funding, led by Concord Health Partners and Maverick Ventures.
With the Series A close, Cylera brings the company’s total funding to $17 million with investment from Concord Health Partners, Maverick Ventures, Contour Venture Partners, Two Sigma Ventures, Dreamit Ventures, Great Oaks Venture Capital, Red Bear Angels and Samsung NEXT.
“Over the past year there has been a further acceleration of the digitalization and adoption of IoT devices across hospitals, pharmaceutical companies, biotech, life sciences and manufacturing, which can decrease operational risk and increase efficiencies,” said Timur Ozekcin, Co-founder and CEO of Cylera.
“However, with this expanded footprint and reliance on connected devices, organizations are experiencing attacks targeted at connected medical devices, operational technology and IoT devices to extort money, impact patient care and disrupt operations.
“With our latest round of funding, Cylera is fueling the next phase of innovation to safeguard organizations against cyberattacks on connected devices.”
As the only centralized cybersecurity solution that secures the entire connected environment, Cylera is a comprehensive, unified cybersecurity platform for asset management, risk analysis and threat detection.
The platform is purpose-built for complex, high-impact environments, and combines comprehensive contextual awareness with a deep understanding of operational workflows. Cylera’s insights and recommendations simplify response playbooks, decrease time to remediation, and enable informed decision making.
“Cylera is one of the most exciting companies within the fast-growing HIoT sector. With its proven technology already being used by some of the largest healthcare organizations and hospitals globally, it is well-positioned as a market leader in the space,” said Taylor Whitman, Managing Director at Concord Health Partners, LLC.
“We are proud to continue on this journey with Cylera to have a direct impact on patient safety and help enable the technology globally.”
With this infusion of new funding, Cylera will expand the company’s footprint into new global markets through strategic channel partners and extend the technology into new critical verticals.
Cylera additionally plans to use the funds to double the headcount across research and development, channel support, customer success, sales and marketing over the next 6 months.
“Cylera exemplifies a mature start-up that has already experienced incredible customer traction right out of the gate,” said Matthew Kinsella, Managing Director at Maverick Ventures.
“Maverick Ventures invested in Cylera once again due to the company’s innovative approach to solving the IoT security issue, while beating out legacy vendors for new deals globally.”