Farukh Kitchlew | Feb 19, 2024 | 0
Cypago raises $13M to automate corporate compliance
Cypago, founded by former EY executive Arik Solomon and former Israel Defense Forces intelligence corps officer Yahav Peri, has raised $13 million (plus $2 million in debt). The funding round, led by Entrée Capital, Axon Ventures, and Jump Capital, supports Cypago’s efforts to automate cybersecurity processes and workflows encompassing cyber governance, risk, and compliance.
A developing number of network safety guidelines are intended to keep business and client information secure. In 2022 alone, more than 40 U.S. states presented 250 bills zeroed in on network protection, per the National Conference of State Legislatures.
The pattern is an unmistakable success for shoppers. However, a few firms are battling to stay aware of the rising guidelines and certificates. Startups like Cypago have benefited from this.
Solomon says he was motivated to create Cypago through his encounters at EY. This included aiding organizations through comprehensive security appraisal exercises. He says that CISOs and security teams frequently face difficulties manually verifying their security programs’ alignment with business requirements. Moreover, these challenges hindered them from achieving complete compliance.
Cypago seamlessly integrates with both cloud-based and on-premises setups. It employs AI to automate tasks connected to gathering and evaluating data concerning security, compliance, and privacy controls. Furthermore, customers can gauge and assess their security programs against standards and prevalent frameworks across various tools and services through no-code workflows.
With the new money, Cypago plans to expand its Research and Development division and product teams. This will help support its go-to-market endeavors in North America and the EU. The startup’s group will grow from 26 representatives to at least 30 before the year’s over. Despite the current political unrest in Israel and its effect on the local tech sector, this commitment is impressive.