TEMPE, Ariz.--(BUSINESS WIRE)--CYR3CON, the highly differentiated AI-driven cybersecurity prediction software platform, today announced it has closed an $8.2 million round of financing led by Pivotal Group, with participation by Trumpf Ventures, 3Lines Venture Capital, DF Enterprises, Hike Ventures and other investors. The funding will be used to fuel the growth of CYR3CON’s existing prediction platform – expanding use cases beyond vulnerability management to include application security, security operations, support for enterprise cyber insurance underwriting, and risk management for private equity or venture funds.
Founded in 2016 by Paulo and Jana Shakarian, CYR3CON has established customer relationships with a number of Fortune 500 and major cybersecurity companies seeking to supplement their existing capabilities with threat prediction. The investment by Pivotal is intended to assist the company with its continued growth and product development as it seeks to carve out a differentiated niche in the cybersecurity market.
“We saw over a 70% increase in annual recurring revenue in 2020 so far. Additionally, recent successful product evaluations indicate that traction is accelerating,” said Dr. Paulo Shakarian, CEO of CYR3CON. “We also submitted 9 patent applications in the past 12 months, which means we still have new capabilities to bring to the market. This new influx of capital and our partnership with Pivotal Group will enable us to obtain our growth objectives over the next 24 months. The pandemic has caused enterprises to increase their IT infrastructure yet must still secure it while staying within budget. Our AI based platform addresses these concerns head-on, enabling security teams to do more with less. Pivotal is the perfect partner for us to establish CYR3CON as the standard.”
“In a world that is growing increasingly dependent on the use of technology, the network infrastructure of large enterprises is being bombarded daily with malicious threats and attacks, along with required updates, patches, and alerts. We believe that CYR3CON is poised for rapid growth as the company’s highly differentiated, AI-based prediction and prioritization capability fundamentally shifts how corporate enterprises prepare for and respond to these challenging times.” – F. Francis Najafi, CEO of Pivotal Group
Pivotal’s Najafi will join CYR3CON’s Board of Directors, which currently includes CEO Paulo Shakarian, CTO Jana Shakarian, and Dr. Dieter Kraft of Trumpf Ventures. Former NSA Deputy Director Bill Crowell will also join the board. Crowell, who previously served as an advisor to CYR3CON, has been instrumental in helping the company shape the go-to-market strategy for its unique AI-driven, threat-prediction platform.
CYR3CON provides the only AI threat intelligence platform that predicts and prioritizes the latest cyber threats, enabling CISO’s to better understand the threat landscape, gain knowledge about malicious hacker behavior, and identify emerging attacks against enterprises. CYR3CON’s underlying algorithms are also the only offering validated through years of academic research, peer reviewed publication, and government backed grants. For more information, please visit https://www.cyr3con.ai/.
ABOUT Pivotal Group
Pivotal Group is a diversified investment company primarily focused on private equity and real estate. Pivotal’s Private Equity practice, which is traditionally oriented around full buyouts or acquisitions, is excited to announce their recent expansion into growth equity investing with this new investment. Pivotal is a unique investor with a permanent capital base and looks to partner with unique companies that will benefit from the economy’s accelerated transition and reliance on digital ecosystems.