David Primor Co-founder and CEO Cynomi
Cynomi, an Israeli startup and a top provider of AI-driven virtual CISO (vCISO) platforms for Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs), has announced the successful completion of a $37 million Series B funding round. The round was co-led by Insight Partners and Entrée Capital, with continued backing from existing investors Canaan, Flint Capital, and S16VC.
This new investment will fuel product innovation, global expansion, and reinforce Cynomi’s leadership as the go-to agentic AI cybersecurity platform for a broad range of service providers.
Following 3x ARR growth in 2024, building on a 4.5x increase in 2023, Cynomi is expanding its reach beyond MSPs and MSSPs to include telcos, system integrators, consultancies, and resellers. The capital will also support the company’s plans to scale sales operations across the United States and accelerate growth across European markets.
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“This funding marks a pivotal moment in our journey, allowing us to enhance our agentic cybersecurity capabilities while also supporting the go-to-market efforts of service providers worldwide,” said David Primor, Ph.D., Co-founder and CEO of Cynomi. “With this investment, we aim to empower all types of service providers to deliver superior cybersecurity services – significantly enhancing productivity by more than 70% and driving scalable growth across their customer portfolios. This comes as Cynomi seeks to set a new industry standard for cybersecurity and compliance management just as the vCISO market is experiencing rapid growth driven by accelerated demand for cybersecurity services.”
Managed Service Providers (MSPs) are third-party companies that businesses hire to manage their information technology (IT) infrastructure and systems. This can include a wide range of services, such as, network and server management, cybersecurity, help desk support, cloud services, data backup and recovery, and software updates and patching.
Businesses of all sizes can benefit from using MSPs. Small and medium-sized businesses (SMBs) often don’t have the in-house resources to manage their IT infrastructure effectively. MSPs can provide them with the expertise and support they need to keep their IT systems running smoothly. Larger businesses can use MSPs to supplement their existing IT staff or to manage specific IT functions.
MSSP stands for Managed Security Service Provider. It’s a specific type of MSP that focuses entirely on cybersecurity solutions, differentiating it from a general MSP that offers a broader range of IT services. MSSPs specialize in security monitoring, threat detection, incident response, and other security-related services.
Building and maintaining an internal security team can be expensive. MSSPs offer a way to access security expertise without the high upfront costs. MSSPs can also help businesses comply with industry regulations and data security standards.
Founded in 2021 by David Primor CEO, a former Lt. Colonel in IDF unit 8200 (its vaunted cyber intelligence unit) and the Technology Executive Director of Israel’s cyber authority, and Roy Azoulay COO, a serial entrepreneur who founded and headed Oxford University’s startup incubator, Cynomi’s vCISO platform empowers MSSPs, MSPs, and consultancies to offer structured cybersecurity services to SMEs at scale and provide them with proactive cyber resilience. Combining proprietary AI algorithms with CISO-level knowledge, Cynomi helps partners overcome the cybersecurity skill gap and scale their business, allowing them to offer new services and increase revenues while reducing operational costs.
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.
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%. MSPs and MSSPs are drawn to vCISO services to enable them to achieve strategic goals, namely expanding cybersecurity offerings, improving operational efficiency, and increasing profitability.
