Security as a Service Leader EiQ Networks Announces $7 Million in Growth Capital and Changes Name to CygilantBoston, Mass.
EiQ Networks a pioneer in hybrid security as a service, today announced that it has raised an additional $7 million in growth capital, bringing the total amount received to date to $38 million. The company has also rebranded to Cygilant™ to reflect its mission and commitment to protecting customers from data theft, ransomware, malware, zero day threats, and more. Arrowroot Capital, a growth equity firm based in Santa Monica, California, led this round.
Cygilant will use the new funding to accelerate development of SOCVue®, a Security Operations and Analytics Platform. In addition to adding more security engineers to the company’s global security operations centers (GSOCs), the investment will provide working capital to accelerate new customer acquisition and fund customer success programs.
Cygilant is the only company to provide 24/7/365 security monitoring, and vulnerability and patch management services using a combination of people, process, and technology. Cygilant is helping resource-challenged organizations with either limited IT budget to purchase and manage expensive and complex cybersecurity technologies, or lack sufficient IT security staff, to protect their customer data, including PII and PHI data, and trade secrets from cyber attacks.
The company first secured institutional financing in 2009 with a $10 million round led by Venrock Associates. With this new funding, Cygilant has raised $38 million in total funding to date. In each of the last two years, the company grew its SOCVue customer base by more than 100 percent, while securing more than three dozen partners, and achieving 125 percent year-over-year SaaS revenue growth.
“With this new growth capital we’ll be able to continue on our mission to protect resource-constrained organizations from the growing menace of cyber threats they face daily, along with the increasingly complicated regulatory mandates they must comply with,” said Vijay Basani, Chairman, President, and CEO of Cygilant. “Arrowroot Capital shares our vision for meeting the cybersecurity challenges that many companies face because they are understaffed, under budgeted, and overwhelmed.”
“The additional $7 million growth investment demonstrates our confidence in Cygilant, not only because of their success in the market so far, and growth potential, but also because of how the company differentiates itself from other security as a service providers,” said Matthew Safaii, Founder and Managing Partner of Arrowroot Capital and Cygilant board member. “Cygilant brings a unique blend of people, process, and technology combined with an unwavering commitment to customer success that is unmatched by its competitors. This approach is a clear winner for the mid-market, which unlike the Fortune 500 is met by multiple challenges -- including a limited IT budget -- which prohibits hiring a team of experienced security analysts required to detect, protect, and respond successfully to modern day cyber attacks.”
Cygilant’s SOCVue is a subscription security as a service that combines people, process, and technology to deliver a cost-effective information security program, including:
- Managed Incident Detection
- Managed Incident Response, and Remediation Guidance
- Proactive and Continuous Critical Security Controls Auditing
- Managed and Co-managed SIEM & Log Management
- Managed and Co-managed Vulnerability Management
- Managed Patch Management
- 24x7x365 Monitoring by Trained Global SOC Security Analysts
- Compliance Reporting
- Auditable Change Management
About Arrowroot Capital
Arrowroot Capital is a growth equity firm based in Santa Monica, California that invests in growing software-as-a-service and Internet-based businesses. Arrowroot aims to provide equity capital in the range of $5M-$20M, but has access to a much larger pool of capital if needed. Regardless of investment size, Arrowroot chooses to partner with companies that will benefit from the focused and unique expertise and experience the firm offers. Learn more at www.arrowrootcapital.com.
About Cygilant, Inc.
Cygilant, a pioneer in hybrid security as a service, is transforming how organizations of all sizes build an enterprise-class security program. Acting as an extension of our customers’ IT teams, Cygilant provides 24x7x365 security and compliance visibility, managed incident detection, response and remediation guidance backed by best-of-breed technology, industry best practices and global SOC analysts. Cygilant is a trusted advisor to organizations that need to protect customer data, PII and PHI data, and Intellectual property against cyber threats and vulnerabilities. For more information, visit: https://www.cygilant.com
© 2017 EiQ Networks, Inc. All Rights Reserved. Cygilant, the Cygilant Logo, EiQ, the EiQ logo, the SOCVue logo, SecureVue, ThreatVue, SOCVue, ComplianceVue, ForensicVue, and Continuous Security Intelligence are trademarks or registered trademarks of EiQ Networks, Inc. in the US and/or other countries. All other product names and/or slogans mentioned herein may be trademarks or registered trademarks of their respective companies. All information presented here is subject to change and intended for general information.
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