Security as a Service Leader EiQ Networks Announces $7 Million in Growth Capital and Changes Name to Cygilant

“With this new growth capital we’ll be able to continue on our mission to protect resource-constrained organizations from the growing menace of cyber threats they face daily, along with the increasingly complicated regulatory mandates they must comply with,” said Vijay Basani, CEO, Cygilant.

EiQ Networks, a pioneer in hybrid security as a service, today announced that it has raised an additional $7 million in growth capital, bringing the total amount received to date to $38 million. The company has also rebranded to Cygilant™ to reflect its mission and commitment to protecting customers from data theft, ransomware, malware, zero day threats, and more. Arrowroot Capital, a growth equity firm based in Santa Monica, California, led this round.

Cygilant will use the new funding to accelerate development of SOCVue®, a Security Operations and Analytics Platform. In addition to adding more security engineers to the company’s global security operations centers (GSOCs), the investment will provide working capital to accelerate new customer acquisition and fund customer success programs.

Cygilant is the only company to provide 24/7/365 security monitoring, and vulnerability and patch management services using a combination of people, process, and technology. Cygilant is helping resource-challenged organizations with either limited IT budget to purchase and manage expensive and complex cybersecurity technologies, or lack sufficient IT security staff, to protect their customer data, including PII and PHI data, and trade secrets from cyber attacks.

The company first secured institutional financing in 2009 with a $10 million round led by Venrock Associates. With this new funding, Cygilant has raised $38 million in total funding to date. In each of the last two years, the company grew its SOCVue customer base by more than 100 percent, while securing more than three dozen partners, and achieving 125 percent year-over-year SaaS revenue growth.

“With this new growth capital we’ll be able to continue on our mission to protect resource-constrained organizations from the growing menace of cyber threats they face daily, along with the increasingly complicated regulatory mandates they must comply with,” said Vijay…

Read the full article from the Source…

Leave a Reply

Your email address will not be published. Required fields are marked *