Bloomberg
Cybereason Inc., the Boston-based firm that revealed the hacking of at least 10 global telecommunications carriers in June, has raised another $200 million from investor SoftBank Group Corp. as it seeks to grow its market and upgrade its product to keep pace with hackers.
“Cybereason plays a leading role in helping companies manage cybersecurity risks and protecting people’s information,†Marcelo Claure, chief operating officer at SoftBank Group, said in prepared remarks. “AI-driven technology like Cybereason’s is helping secure our increasingly connected world.â€
Cybereason installs software across corporate information systems — computers, mobile phones and servers — that communicate with a “brain†in the cloud.
The platform, based on machine learning and artificial intelligence, detects and isolates threats before they are able to attack a system, Lior Div, the company’s chief executive officer, said in an interview.
Div said a good portion of the new funding will go to research and development. “We have developed a machine that works faster than hackers hack, but we need to continue to learn and evolve,” he said. “Cybersecurity doesn’t stand still.â€
Artificial intelligence in the cybersecurity market is projected to reach $38.2 billion by 2026, increasing more than 23% from 2019, Research and Markets said in a May report.
Cybereason has raised about $390 million, most of it from SoftBank.
Div said he hopes the investment will help the company double revenue next year and look at going public in about two years.