Romania-based, graph-driven cloud security analysis platform Cyscale raised EUR 3 million in seed funding. The round took place on May 19, 2022. Notion Capital led the funding for Cyscale. Meanwhile, Seedcamp, GapMinder, Micha Hernandez van Leuffen, previously founder of Wercker and now Fiberplane and NP-Hard Ventures; and David Mytton, founder of Console.dev and Server Density, participated in the funding.
Purpose of Funding for Cyscale
The cloud security analysis company intends to use the funds to accelerate growth with the recent investment. Meanwhile, it will also look to expand its operations and product offerings.
Besides, Cyscale will ramp up hiring across various functions and expand its team size.
What the founders have to say
Manuela Ticudean, the co-founder of Cyscale, said, “The cybersecurity industry needs to shift toward understanding cyber risk in context. Only then will we be able to fight the increasingly sophisticated and advanced threats targeting our organizations and our lives.”
“Most cloud security tools analyze cloud infrastructures by running through sets of configuration best practices and verifying them against each cloud resource,” she continues. “This approach can be useful, but the problem is the rate of false positives. Looking at in isolation, a resource may be misconfigured, but other contextual factors determine the actual danger for a business. False positives create noise and keep security engineers from focusing on the highest-risk issues. As a result, businesses waste valuable time and risk becoming the victims of cyber-attacks,” Ticudean further added.
In addition, Ovidiu Cical, co-founder of Cyscale, said, “Security risks aren’t limited to an organization’s cloud infrastructure. Adjacent components such as third-party software packages used in applications, software development practices, and code repositories are all examples of risk areas in modern tech ecosystems. Most of the time, companies assess risk in each of these areas in isolation, based on skillsets in the team or available resources. The result is a fragmented security function, with no clear understanding of where weaknesses lie and what their impact truly is. Cyscale aims to fix this situation by building a comprehensive ‘Security Knowledge Graph™’ for an organization, ingesting data from multiple sources and generating an in-depth contextual analysis for each cloud asset. Leaving no risk or misconfiguration uncovered allows security teams to prioritize the remediation of high-risk issues.”
“In addition, Cyscale has built a powerful compliance module that helps security leaders track gaps between any policies they’ve defined and their technical implementations in the cloud. We are excited. Our solution applies to a universe of challenges relating to cybersecurity contextualization. We are standing in front of an excellent opportunity to work with many companies and scale quickly and effectively. Our team looks forward to continuing our rapid growth,” Cical said.
What the investors have to say
Kamil Mieczakowski, principal at Notion Capital, said, “Over the past five years, we’ve witnessed a paradigm shift in how enterprises run their server infrastructures. But the cybersecurity industry hasn’t kept up. We’re excited to be partnering with Manuela, Ovidiu, and the Cyscale team as they develop what we see as the most compelling cloud visibility and control platform for the modern enterprise.”
Carlos Eduardo Espinal, the Managing Partner at Seedcamp, further said, “The experience of Cyscale’s founders speaks for itself. Both Manuela and Ovidiu are highly skilled and highly valued members of the cybersecurity community. Their belief in the importance of context in cybersecurity analysis is vital in ensuring the effective and precise protection of an organization’s cloud infrastructure.”
Dan Mihăescu, Founding Partner GapMinder BV, said, “We are happy to follow on and invest further into Cyscale. It is an important phase in the company’s development, doing a lot of international steps, maturing the platform, and preparing for further scaling up outside Europe to the US and Asia. From the early beginnings, we believed in the team, and we continue to support their further growth to achieve their vision of becoming a leader in cloud cybersecurity.”
Cluj-Napoca, Romania-based startup Cyscale was co-founded by Manuela Țicudean, Ovidiu Cical, and Andrei Milaș. The platform develops protection software solutions for information stored in the cloud and performs data risk analysis for its clients.
The vision of the co-founders is to protect the applications and data of companies that choose cloud technology and help them become more competitive through digitization.
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