Pcysys announces $25m Series B funding round led by Insight Partners
Cybersecurity Validation company, Pcysys, announced it has completed a $25 million Series B funding round led by US-based venture capital and private equity firm Insight Partners, along with existing investors, Awz Ventures and The Blackstone Group. The company, which has developed PenTera, the revolutionary Automated Penetration Testing platform, has raised $40 million to date.
The funding round will be used to expand the company's sales and delivery teams in North America, EMEA, and Asia Pacific as well as continue the development of its best-of-breed technology.
Pcysys (an acronym for "Proactive Cyber Systems''), was founded in November 2015 by Arik Liberzon and Arik Faingold and is managed by CEO Amitai Ratzon. Since its market debut in mid-2018, the company has experienced substantial revenue growth year-over-year. Pcysys has 60 employees worldwide and hundreds of enterprise customers across more than 15 industries, including Banking, Insurance, Investment Management, Healthcare, Retail and Energy.
Automating penetration testing and red teaming activities, Pcysys' PenTera™ software platform uses algorithms to scan and ethically attack the enterprise network with the latest hacking techniques, identifying security weaknesses with a threat-facing perspective. Running on-premise or remotely, the platform enables cost-effective remediation by focusing on the vulnerabilities that take part in a proven "kill-chain", providing visibility to the true cybersecurity posture.
In addition to enterprise customers, MSSPs also use PenTera, to provide remote Penetration-Testing services (PT-as-a-Service) to their clients while leveraging the platform's remote testing capabilities, made available to support global pandemic work from home needs.
Thomas Krane, Principal at Insight Partners said: "The Pcysys team and PenTera as a product align perfectly with our mission to invest in the most advanced software ScaleUps in order to accelerate growth. Having invested in many cybersecurity companies, we can identify the industry leader that can dominate the security validation space. PenTera is revolutionizing how enterprises manage risk validation in the enterprise, and we look forward to working alongside Amitai and the team to scale."
Amitai Ratzon, Pcysys CEO said: "We are proud and excited to have Insight Partners as a key investor together with the continued trust of The Blackstone Group and Awz Ventures. This is a big day for our global customers, partners, and employees, to whom we owe our exponential growth and market leading product."
Arik Liberzon, Pcysys Co-Founder & CTO said: "PenTera has revolutionized the security risk validation domain and helped our customers increase their cyber resilience. The partnership with Insight Partners will enable us to materialize our vision of becoming the cybersecurity validation authority and give every enterprise the power of a Red Team at the tips of their fingers."
Yaron Ashkenazi, Managing Partner of Awz Ventures said: "Awz is very proud of the milestones Pcysys has reached since our seed investment in 2016. We feel privileged to have been part of the journey, assisting Pcysys in its initial penetration to the North American market, leading their Series A alongside The Blackstone Group, and now welcoming a prestigious, strategic investor - Insight Partners."