TEL AVIV, Israel--(BUSINESS WIRE)--Israeli startup Vulcan Cyber today announced raising $10 million in Series A funding, enabling the company to continue its mission to help enterprises close the cybersecurity vulnerability remediation gap. The company will use the funds from Silicon Valley-based Ten Eleven Ventures and original seed backer YL Ventures to expand commercial operations in North America and grow development and support capabilities. Vulcan Cyber has raised a total of $14 million since exiting stealth a year ago. In addition, the company announced that Ten Eleven Ventures General Partner Mark Hatfield has joined the Vulcan board and Glenn Chisholm, former CTO of Cylance and co-founder and CEO of Obsidian Security, has joined as an investor.
The vulnerability remediation gap – the time from initial discovery and reporting until enterprise organizations actually deploy a fix to remediate the risk – can span months to more than one year. Even as enterprises work to prioritize security vulnerabilities, they are plagued by the logistics and management challenges of coordinating teams to execute remediation tasks at scale, while also ensuring business continuity. Unaddressed known vulnerabilities enabled the highly visible breach at Equifax, as well as numerous ransomware attacks like WannaCry and Petya.
The Vulcan Cyber Platform controls and orchestrates Security, DevOps, and IT tasks and tools, allowing enterprises to automate and scale their vulnerability remediation processes. Vulcan Cyber’s Contextual Prioritization Engine ranks vulnerabilities based on true and unique risk to the enterprise by correlating asset technical attributes and configurations, security assessment results and threat intelligence. This approach allows teams to focus on the most critical vulnerabilities predicted to be most likely exploited in their digital networks.
The Vulcan Cyber Platform further advances the rapid resolution of known vulnerabilities by enriching vulnerability data with its comprehensive remediation intelligence feed, that combines vulnerability knowledge with remediation actions – patches, workarounds and different compensating controls which can be applied automatically through already deployed IT, DevOps and security tools. This combination of capabilities allows Vulcan to provide its customers with unprecedented risk reduction capabilities.
“IT leadership can no longer rely upon disparate internal resources and legacy processes to comprehend and act upon knowledge of vulnerabilities and other threat intelligence,” said Yaniv Bar-Dayan, Vulcan Cyber CEO and co-founder. “Only continuous, collaborative, automated remediation, as offered by Vulcan, can close the vulnerability gap, at scale, across today’s cyber threat landscape.”
Mario Duarte, VP of Security at Snowflake, a cloud data warehouse company, experienced firsthand the value of the Vulcan platform. Within a month of deployment, Snowflake teams were able to remediate more than 40% of the known vulnerabilities found in one of their core environments.
“Vulcan results exceeded our best expectation. After the Vulcan team had quickly set the platform up on top of our Snowflake data warehouse, we started seeing value immediately. Vulcan digested the data from our vulnerability scanners and cloud infrastructure, and was able to find our blind spots rapidly, prioritize the most critical vulnerabilities in our specific environment, and offer ‘click-of-a-button’ remediation solutions for our DevSecOps teams. In record time Vulcan reduced friction among teams and provided the tools and confidence to automate the remediation process and resolve a significant number of vulnerabilities,” said Duarte.
“Ten Eleven Ventures focuses exclusively on helping cybersecurity companies thrive and we’re excited to do exactly that with Vulcan,” added Mark Hatfield, general partner at Ten Eleven Ventures. “We chose to invest in Vulcan Cyber because the company is uniquely positioned to plug the enterprise organization remediation gap by automating vulnerability triage and coordinating an orchestrated response to known and emerging vulnerabilities across organizational boundaries.”
Ofer Schreiber, Partner at YL Ventures and lead investor for the seed round commented, “Vulcan’s journey is one of the most amazing ones in my experience. After a year spent learning the particulars of the vulnerability remediation challenge from over one hundred US enterprises, Vulcan is already revolutionizing the way customers operate. Vulcan enables customers to remediate cyber risk at speed and scale never seen before. YL Ventures is thrilled to partner with Ten Eleven Ventures and continue supporting Vulcan’s expansion in the U.S."
About Vulcan Cyber
Vulcan Cyber provides a continuous vulnerability remediation solution. Vulcan integrates, automates and orchestrates existing tools and processes, eliminating the most critical risks caused by vulnerabilities while avoiding impact to business operations. Vulcan closes the vulnerability remediation gap, reducing exposure time from weeks and months to hours.
About YL Ventures
YL Ventures funds and supports brilliant Israeli tech entrepreneurs from seed to lead. Based in Silicon Valley and Tel Aviv, YL Ventures manages $140 million and specializes in cybersecurity. YL Ventures accelerates the evolution of portfolio companies via strategic advice and U.S.-based operational execution, leveraging a powerful network of Chief Information Security Officers and global industry leaders. The firm’s track record includes successful, high-profile portfolio company acquisitions by major corporations including Palo Alto Networks, Microsoft, CA and Proofpoint. Learn more: www.ylventures.com
About Ten Eleven Ventures
Ten Eleven Ventures is the original venture capital firm focused solely on investing in digital security. The firm invests globally and benefits from a full investment spectrum view of digital security from seed to growth (via its Joint Investment Alliance with KKR Technology Group). Since its founding in 2015, Ten Eleven Ventures has raised nearly $500M and invested in eighteen leading cybersecurity companies including Twistlock, Verodin, Cylance, KnowBe4, Darktrace, and Ping Identity. For more information, visit http://www.1011vc.com.