Vulcan Cyber secures $55M in Series B

Vulcan Cyber, a leading developer of software for enterprise vulnerability detection, has recently secured $55M in equity funding.

• Who's Got Their Back: This significant investment was led by Maor Investments and Ten Eleven Ventures, with contributions from Dawn Capital and Wipro Ventures. The fundraising comes amidst a challenging period for the cybersecurity industry, with VC funding for cyber firms expected to reach a 4-year low.

• About Vulcan: Vulcan, established in 2018 by Yaniv Bar-Dayan, Tal Morgenstern, and Roy Horev, offers a wide range of tools to manage and prioritize risks related to code vulnerabilities. The company witnessed a more than twofold increase in their revenue in the 12 months leading to Q3. Vulcan's customer base expanded to over 200 companies, with 60 of them being enterprise-size. The new funding brings Vulcan's total raised to $70M.

• Next Steps: CEO Yaniv Bar-Dayan plans to utilize the funds for product innovation, expansion into new markets, revenue growth acceleration, and building market momentum.

• Strategies Implemented: Monitoring security, IT, and DevOps software to detect potential exploits and initiate remediation. Leveraging a threat intelligence network for alerting and detection policies. Using large language models for "remediation intelligence". Democratizing cyber risk remediation with automated task assignment, asset ownership management, and risk exception workflows.

Despite the increasing number of startups offering codebase scanning tools for security gaps, Vulcan sets itself apart with its free offering, Vulcan Free, launched last year. The free tool is seen as a pathway to the company's fully managed products and is one of the few no-cost risk-based vulnerability management products available.