Cynomi, a vCISO platform provider for MSPs and MSSPs, this week announced $20 million in new Series A funding. This round of funding follows a $3.5 million Seed round Cynomi received in 2022. The financing was led by Canaan, with Flint Capital, s16vc, and Aloniq among the return investors.
This funding will fuel Cynomi's international expansion efforts, the company said, enabling the company to enhance its vCISO platform offerings and empower partners to overcome the cybersecurity skills gap and scale their businesses.
Growth of vCISO Services
In a recent survey of MSPs and MSSPs in North America, Cynomi found that while only 19% offered vCISO services in 2023, 86% plan to provide or add vCISO services by the end of 2024, an increase of nearly 500%. By offering vCISO services, MSPs and MSSPs can make progress toward strategic goals, namely expanding their cybersecurity offerings, improving operational efficiency, and increasing profitability.
Cynomi’s AI-powered vCISO platform is a strategic technological solution for MSPs and MSSPs aiming to grow their cybersecurity services business. The company’s innovative platform combines CISO-level knowledge and AI to automate many of the vCISO tasks, helping service providers achieve cyber resilience for their end clients – typically SMEs – at a fraction of the cost of hiring an in-house CISO.
Cynomi is already used by more than 100 service providers and is the only vCISO platform provider that sells exclusively through the channel. In addition to increased operational efficiency, Cynomi partners often see improved client retention, increased recurring revenue and upsell opportunities, and the ability to standardize processes and automate procedures across clients.
“Cynomi is an ECI strategic partner, helping us expedite the growth of our strategic cybersecurity and global compliance services practice. Cynomi continues to pioneer advancements in cybersecurity management," said Jeff Schmidt, chief executive officer at ECI, a leading provider of managed services to the financial services industry. "As a Cynomi partner, we have experienced firsthand the value that their vCISO platform brings to our business. We use it with many of our customers and look forward to expanding our use of Cynomi to support hundreds of additional managed organizations.”
"The demand we've seen is a testament to the clear value of Cynomi and the pressing need for accessible cybersecurity management solutions tailored to managed service providers that serve the small and medium businesses that make up most of the global economy,” said David Primor, Ph.D., co-founder and CEO of Cynomi. “We believe Cynomi has the potential to transform how millions of organizations worldwide operate, and it’s been incredible to witness the difference vCISO services can make in protecting businesses at scale.”
About Cynomi
The company was founded by David Primor, a former Lt. Colonel in IDF unit 8200 and the technology executive director of Israel’s cyber authority, and Roy Azoulay, a serial entrepreneur who founded and headed Oxford University’s startup incubator. Cynomi has offices in Israel, the UK, and the USA.
