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.”
Californian accelerator that funded Airbnb, Dropbox, chooses UAE startup ZiinaA Californian accelerator program that funded companies like Airbnb and Dropbox has chosen to take on United Arab Emirates fintech startup Ziina.The ... Technology
Makers of Sophia the robot plan mass rollout amid pandemic“Social robots like me can take care of the sick or elderly,” Sophia says as she conducts a tour of her lab in Hong Kong. “I can help communicate, ... Technology
Assessment of cyberespionage campaign on US still in its infancy: Cybersecurity firmEfforts to assess the impact of a more than seven-month-old cyberespionage campaign blamed on Russia — and boot the intruders — remain in their early ... Technology