$9 million for SpiderSilk to help companies identify cyber threats

🕸️ Say hello to SpiderSilk, the Dubai-based cybersecurity start-up helping companies identify, manage and protect their attack surfaces with an AI-powered platform for intelligent threat detection.

And, they just secured $9 million in their latest funding round.

• Co-founded by Rami El Malak and Mossab Hussein in 2019, SpiderSilk has to date uncovered threats that would have impacted over 120 million people.

💰 Investor low-down: The round was led by Wa’ed Ventures, the VC arm of Saudi Aramco, with existing investors STV and Global Ventures also joining in again.

• This round comes nearly two years after securing a $2.25 million Pre-Series A.

💦 Not another leak

No one wants their company’s sensitive data all over the web… but mistakes inevitably happen.

To err is human, afterall.

But once that data is out there, you best believe there will be hackers lining up to capitalise on any underlying vulnerabilities, leaving public and private organisations open to cyber threats from all angles.

Couldn’t you just, I dunno, throw money at the problem?

You could, but you would need VERY deep pockets! 💸

• According to IBM's 2023 Security report, the Middle East ranks second only to the United States in the cost of data breaches, with the regional average reaching approximately $8 million per incident.

And just for good measure, did we mention that threat detection is typically a multi-solution, resource intensive.

🔒 Not on our watch

Wow, sounds like there are a lot of companies that could do with having an automated, intelligent, cost-effective, easy to deploy threat detection system… 👀

SpiderSilk, would agree!

Let’s break down how they do it:

• 🔍 The service offers a detailed scanning system that finds a company's possible security risks.
• 🎯 It discovers unseen weak spots and performs mock cyberattacks to show where a company's defences might fail.
• 🌐 Their ongoing internet scanning connects found vulnerabilities directly to the companies at risk, emphasising urgent security issues.

The result? Organisations are alert to and ready to proactively address potential security issues before they can be exploited.

An ounce of prevention is worth a pound of cure.

• Global conglomerates like Unisys would agree. They signed a 5-year agreement with SpiderSilk for advanced cyber defence services earlier this year.

🔮Flashforward

The latest investment will drive the growth of SpiderSilk's cybersecurity technology offering in Saudi Arabia.

• The startup plans to relocate its HQ to Riyadh in 2024, and on Wednesday, indicated they had signed an agreement with Aramco to collaborate on several fronts.