SolCyber recently raised $20 million in a Series A investment round led by ForgePoint Capital. The company is a managed security services startup and Scott McCrady is the CEO.
The fresh capital will be used to enhance products and services, also expanding market access. Due to the growing demand for cybersecurity solutions in today’s world SolCyber is well placed to grow.
SolCyber currently has 12 employees. However, later this year, the startup plans to expand its workforce to 20 people and look for new opportunities in the information security market which is expected to exceed $170.4 billion by the end of next year.
Last year, there was a significant number of cyberattacks and breaches worldwide. According to industry sources, nearly 80% of senior IT staff and leaders believe that despite strengthening IT security, their companies are still vulnerable to cyber attacks.
Currently, it takes us around 80 days to identify and stop violations. It is thought that by 2025, these breaches will cause losses of an estimated $10.5 trillion annually.
SolCyber is relying on conversations with end users to focus on building comprehensive security for customers. The company’s current priority is customer acquisition. With a handful of customers in beta, the startup expects to hit a thousand end users by the middle of next month.
One standout product that SolCyber offers is a technology stack. It includes an endpoint with extensive detection and response capabilities, email security, Active Directory abuse protection, and admin exploit prevention.
Furthermore, SolCyber provides other services such as security training and fraud officers, security operations center capabilities to provide correlations, and more. SolCyber is approaching the space differently, and all of this will fall under one pricing model.
One of the biggest concerns of customers is ‘what to do to improve security’. One answer to this question includes buying cyber insurance. By delivering security-enhancing technology and services quickly, SolCyber may find a niche in a growing market.