SecBI has raised $5 million in a Series A funding intended to fund the firm's debut into the US and European cybersecurity markets.
On Tuesday, the Beer Sheva, Israel-based firm said the $5 million funding round has now closed. Investors include Orange Digital Ventures, Connecticut Innovations, Amichai Shulman and existing investor Jerusalem Venture Partners (JVP).
SecBI says the proceeds of the investment round will be used to launch SecBI's debut product, a software solution which automates threat detection and incident investigation. SecBI harnesses machine learning technology to monitor and analyze network log data, identify interesting patterns and hidden threats, and the compile a "comprehensive incident storyline" which will help IT professionals mitigate cyberattacks quickly.
A portion of the cash injection will also go towards increasing marketing and sales across the US and Europe.
Gilad Peleg, CEO of SecBI commented:
"The solution is in production, processing billions of network logs a day, attracting global enterprises and financial institutions.
The renewed support of JVP and our new investors Orange Digital Ventures, Connecticut Innovations and Amichai Shulman, will allow SecBI to seize these opportunities, accelerate sales and marketing efforts on a global scale, and establish the right partnerships to provide customers with state-of-the-art solutions."
According to the Ponemon Institute, 79 percent of cybersecurity professionals say that their organisations are struggling to detect digital threats against their networks, and only a small portion of enterprise players have a formal process in place to gather intelligence on emerging cyberattacks.