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Guardz raises USD 18 mln in Series A funding

Friday 15 December 2023 15:19 CET | News

Guardz, an all-in-one security and cyber insurance service for SMBs, has raised USD 18 million in a Series A round of funding. 

 

As per the announcement, the plan is to use the funding to hire more engineering talent to continue evolving the Guardz product, which has been selling primarily to customers in the US, the UK, and Australia.

Guardz, an all-in-one security and cyber insurance service for SMBs, has raised another USD 18 million in a Series A round of funding.

 

The company emerged from stealth at the end of January 2023, and since then it has had a bit of a pivot. It is no longer selling directly to SMBs but is working with managed service providers (MSPs) that in turn sell and manage IT services for SMBs. The company found that MSPs were the primary route to getting their product to be used by SMBs. Now those managed service providers are able to build their own offerings powered by Guardz.  

The company has now around 200 MSPs on its books, which in turn are working with about 3,000 SMBs, which in turn represent some 36,000 seats overall using products from Guardz. Security remains the main revenue driver, with cyber insurance an option add-on. 

Glilot+, the early growth fund of Glilot Capital Partners, is leading the round, with ClearSky and previous backers Hanaco Ventures, iAngels, and GKFF Ventures also participating. 

AI-based security 

Guardz aims to address a crucial gap in the market by focusing on SMBs, a sector historically overlooked by cyber threats. In the past, SMBs were not given any cybercriminal attention due to their fragmented nature and perceived lack of substantial returns. However, advancements in artificial intelligence have altered this landscape, enabling cyber attackers to easily exploit vulnerabilities within SMBs. This poses a significant threat as these businesses often lack internal expertise and proper tools for defence.  

Recognising this vulnerability, Guardz set out to create a security platform comparable to those employed by larger enterprises. The platform operates as a managed service, requiring minimal direct customer involvement. Leveraging AI, Guardz's tools automatically identify and address malicious activities while generating comprehensive activity reports for MSPs to assess. Additionally, Guardz facilitates security breach simulations tailored to each SMB's specific activities. These simulations serve as training tools for MSPs to educate their clients' employees on cybersecurity, offering a proactive approach to enhancing overall digital defence. Guardz's solution empowers SMBs to navigate the evolving threat landscape with confidence and resilience. 

The announcement also stated that part of the funding will be used to continue expanding the tools that its team has at hand to match the increasing sophistication of bad actors. 

Source: Link


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Keywords: artificial intelligence, cybersecurity, SMEs, cybercrime, funding
Categories: Fraud & Financial Crime
Companies: Guardz
Countries: Israel
This article is part of category

Fraud & Financial Crime

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Guardz

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