A Dubai-based cybersecurity firm has raised $2.25 million worth of funding from international venture capitalists.
Threat detection technology company spiderSilk’s pre-series A funding round garnered investments from Dubai-based Global Ventures and Riyadh’s STV along with several angel investors from further afield, according to a statement released by spiderSilk.
The company will use the funds to expand its footprint across the MENA region and establish a presence in North America.
Rami El Malak, co-founder at spiderSilk, said: “We are the first cybersecurity technology company from the region with such global aspirations, and we are thrilled by the support we’ve received from all our partners and investors.
“They will be instrumental in bringing our vision to life.”
Global Ventures’ relationship with spiderSilk started in 2019, when it led the startup’s seed round.
“The spiderSilk team are outstanding partners, solving a critical problem in the ever-complex world of cybersecurity, and protecting companies online from the increasing threats of malicious activity,” said Basil Moftah, general partner at Global Ventures.
“It is a real pleasure to witness and be a part of their evolution.”
SpiderSilk’s cybersecurity system has an emphasis on automation, which it says differs from a standard, human resource-intensive security offering.
Rami added: “There is a common misconception about the MENA region’s ability to develop engineering-centric, deeptech solutions, especially in the cybersecurity space where most of the technology is imported from abroad. We are excited to be part of a growing narrative that is changing that.”