Cylance raises $120m to expand AI cybersecurity platformhttps://cybersecureforum.co.uk/wp-content/uploads/2018/06/Cylance.jpg 960 640 Stuart O'Brien Stuart O'Brien https://secure.gravatar.com/avatar/81af0597d5c9bfe2231f1397b411745a?s=96&d=mm&r=g
US-based Cylance has closed a $120 million funding round led by funds managed by Blackstone Tactical Opportunities and other investors.
The company says the financing will enable it to continue a global expansion and extend its portfolio cybersecurity solutions.
Cylance offers a machine learning-powered predictive endpoint security solution that protects users from unknown cyberattacks, in particular from threats which may not exist for years to come. The company says that since its inception its approach has prevented attacks on average 25 months before the attack was launched and first discovered.
The new funding will bolster the company’s sales, marketing and development efforts to expand its global footprint across Europe, the Middle East, and Asia Pacific, and extend its product offerings.
“Cylance has proven that artificial intelligence can defend against cybersecurity problems that were previously thought impossible to prevent,” said Cylance CEO, Stuart McClure. “With the most advanced application of AI in endpoint security, Cylance products continuously learn and improve over time, enabling customers to achieve a state of ‘Perpetual Prevention’ and creating a simple silence on the endpoint.”
“Blackstone was an early believer in Cylance’s approach of applying AI to prevent one of the most difficult issues businesses face today – cyberattacks that disrupt operations and damage reputations,” said Viral Patel, Senior Managing Director in Blackstone’s Tactical Opportunities group.
“This has been a unique opportunity to participate in funding a company helping to turn the tide against a very serious threat to organizations worldwide,” added Dave Johnson, a Senior Advisor to Blackstone.
“With annual revenues over $130 million for fiscal year 2018, over 90% year-over-year growth, and more than 4,000 customers, including over 20% of the Fortune 500, we have demonstrated market success, scale and traction,” said Brian Robins, Chief Financial Officer at Cylance. “We are honored to have Blackstone Tactical Opportunities expand its commitment to Cylance by leading this round of financing. The investment supports our growth strategy and will enable us to continue on the path to becoming cash flow positive.”