Tel Aviv-based Vulcan Cyber, a cybersecurity startup that helps businesses prioritize and fix security vulnerabilities, today announced that it has raised a $21 million Series B funding round led by Dawn Capital. Wipro Ventures and existing investors YL Ventures and Ten Eleven Ventures also participated in this round. The company says it will use the new funding to roll out new remediation solutions and launch a free risk-based vulnerability management platform under the Vulcan Free monicker.
With this new round, Vulcan Cyber’s total funding to date is now $35 million. The company says it saw 500% growth in annual recurring revenue and new customer account metrics in 2020, with each user typically having between 10 and 100 users on the platform.
The company’s emphasis has always been on not just warning its customers about potential vulnerabilities but also helping them prioritize them based on the severity of the risk and the threat to a company’s business assets. Security teams, after all, are often overwhelmed by alerts and not every vulnerability a scanner represents is a high-priority risk for a business. The promise of Vulcan Cyber’s platform is that it helps these teams figure out where to best focus their resources.
While the funding is the headline news today, Vulcan’s new free offering is also worth a closer look.
“Cybersecurity pros have used open-source vulnerability scanners like Nessus for almost two decades. More recently, vulnerability management programs have used risk-based vulnerability management tools to prioritize scan results to determine specific risk to the business and focus the remediation effort. The scan and prioritize functions are fundamental, necessary elements of any mature remediation program,” Yaniv Bar-Dayan, Vulcan Cyber’s CEO and co-founder said about the new free offering. “But now the industry has a free vulnerability prioritization engine to complement the scanners. This round of funding allows us to provide the Vulcan Free service to the cybersecurity industry to help businesses achieve cyber hygiene. This move shifts the economics of our market and will push CISOs and CIOs to dedicate more budget and resources not just on simple scan and prioritize paper pushing, but on driving actual remediation outcomes. We hope this will help the industry get fix done more effectively.”
With this new free offering, Vulcan’s freemium portfolio now includes Vulcan Free, which provides some of the company’s core prioritization and vulnerability management features, and its existing free vulnerability intelligence database.