Dubai-based cybersecurity startup spiderSilk has secured $2.25 million in a pre-Series A funding round led by Saudi Technology Ventures (STV) and Global Ventures.
The company in its statement said that the proceeds from the funding round will be used to expand the company’s network of clients and to widen its geographical footprint across the Middle East and North Africa (MENA) region, and further to establish a presence in North America.
The cybersecurity firm redefines the threat detection methods from the standard multi-solution, human resource-intensive proposition, to an automated, intelligent and cost-effective one. The company’s technology maps out attack surfaces and uncovers vulnerabilities to eliminate security breaches.
The current funding round marks the second, after a seed round of $500,000 in November 2019, which was also led by Global Ventures and several investors.
Cybersecurity has become a crucial element for governments and companies as online presence and digital transformation has increased due to the pandemic. spyderSilk uses its scanner to map out a company’s assets and attack surfaces to detect vulnerabilities and data exposures and it also simulates cyberattacks to help customers understand where vulnerabilities are in their defenses.
“We are thrilled by the support we have received from all our partners and investors. There is a common misconception about the MENA region’s ability to develop engineering-centric solutions, especially in the cybersecurity space where most of the technology is imported from abroad,” Rami El Malak, co-founder of the start-up, said.
As per leading market research firm, Mordor Intelligence, the cybersecurity industry is expected to be valued at $363.05 billion in 2025, almost 125 percent more than the amount spent in 2019. The market is projected to grow at an annual 14.5 percent over the next five years.
“With new and increasingly sophisticated cyber threats, there is a need for an innovative approach to cyber protection and monitoring,” Ahmad AlNaimi, investment partner at STV, the venture capital arm of Saudi Telecom Company, said.