Virginia-based startup SCYTHE developed next-generation red team software to continually and realistically assess enterprise risk, raised USD 10 million on 8th November.
Investors: Gula Tech Ventures and Paladin Capital Group led the Series A funding. Additionally, Energy Impact Partners (EIP) invested in the Series A round, which entails that an EIP’s management team member will become an observer on the SCYTHE board.
Purpose of funding: A new round of funding will enable the company to help security teams cope with the unknown. The number and severity of malware and ransomware attacks increase, making security teams’ jobs increasingly challenging. To keep up, security teams have to test their people, processes, and technologies continually. As a result, the company concentrates on their operations rather than expanding and covering the cybersecurity skills gap with affordable and accessible security.
About SYTHE
Founded in 2017 by Bryson Bort, SCYTHE headquarters is located in Arlington, VA. SCYTHE uses a next-generation platform for conducting realistic and continuous assessments of enterprise risks. The SCYTHE platform establishes a new technology category that integrates people, processes, and technology to manage cybersecurity risk. The failure of vulnerability management and risk mitigation has undermined cybersecurity. Security professionals work tirelessly to close security gaps, yet threat actors never adopt a standard attack approach. However, SCYTHE’s platform allows it to take real-world tactics, techniques, and procedures (TTP) and create a simulation out of them. By using SCYTHE, companies can build unique emulations instead of simply replaying the same TTP repeatedly.
What the founder has to say
“We are delighted by our investors’ enthusiastic support of our growth as cybersecurity risks, and ransomware continues to grow significantly. What the team has been building is truly transformative, and bringing on EIP’s market insights will speed that deployment and adoption in the industry,” said Bryson Bort, CEO and Founder at SCYTHE.
What the investors have to say
“Security teams are struggling to validate the efficacy of security tools and are experiencing significant-tech sprawl. SCYTHE’s agentless approach helps security teams validate the efficacy of such tools and justify spending. We’re very excited to partner with the Scythe team and look forward to helping them bring their technology to critical infrastructure sectors,” says Harry Giovani, Managing Partner at Energy Impact Partners.
“SCYTHE and its attack emulation platform have an outstanding track record of enabling enterprise to protect itself, and we are so pleased to be partnering up with EIP in order to help bolster the security of US critical infrastructure,” said Ron Gula, President at Gula Tech Adventures and SCYTHE’s board of directors.
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