Cybereason

Cybereason offers an endpoint security platform that includes next-generation antivirus (NGAV) programs, endpoint detection and response (EDR) tools, anti-ransomware tools, and a platform to centrally manage security policies across company endpoints. The company’s endpoint solutions leverage artificial intelligence (AI) and behavioral analysis to identify known and unknown threats and automate response and remediation following a security incident. Cybereason also offers breach protection warranty of up to USD 1 million in the highest tier of its endpoint protection products.

In addition to endpoint security, Cybereason’s product portfolio includes an extended detection and response (XDR) platform and managed detection and response (MDR) services that provide enterprises with support for 24/7 threat hunting, investigation, and response. In July 2021, Cybereason partnered with Doosan Digital Innovation (DDI), an IT shared services provider of ERP solutions, and cloud data services to protect APAC organizations. The partnership enabled DDI to deliver a suite of operation-centric cybersecurity solutions to enterprise clients through Cybereason’s Defense Platform which includes Managed Detection and Response (MDR), Endpoint Detection and Response (EDR), Next-Generation Antivirus (NGAV), anti-ransomware and malware protection. During the same period, Cyderes, a security-as-a-service (SECaaS) company became one of Cybereason’s strategic MDR vendors to combine Cybereason’s defense platform with its MDR solution for the companies’ joint consumers.

The company’s AI-driven technology has protected customers from the recent SolarWinds supply-chain attack, Microsoft Exchange Server attacks, and other ransomware attacks launched by hacker groups such as DarkSide, REvil, and Conti. Cybereason was one of only two cybersecurity firms to be ranked on the CNBC 2021 Disruptor 50 list alongside SentinelOne.

In July 2021, Cybereason acquired the cybersecurity analytics startup empow to expand its extended detection and response (XDR) portfolio with empow’s patented predictive response technology that enforces proactive threat detection and response for endpoint, network, identity, and application telemetry. The acquisition will also allow Cybereason to integrate with more than 70 IT and security service vendors connected to empow and absorb its product and engineering talent.

The company laid off 100 employees (~10% of its workforce) in Israel, the US, and Europe in June 2022, as it prioritized profitability over top-line growth owing to the deteriorating tech market. In October 2022, Cybereason laid off 200 employees (17% of its workforce) which included 50 employees in Israel and 150 employees in the US and Europe.

Cybereason filed for a US initial public offering (IPO) in January 2022 and expected to go public during the second half of 2022 at a valuation of over USD 5 billion, but eventually abandoned its plans in October 2022.

Funding and financials

In July 2021, the company raised USD 275 million in a Series F funding round led by Liberty Strategic Capital. This round tripled Cybereason’s valuation to USD 3 billion. The round was extended by another USD 50 million raised during October 2021 from Google Cloud. The company expects to use the funding to advance its partnership with Google Cloud. The investment comes on the back of the company’s partnership with Google Cloud to develop the automated cloud-native security solution Cybereason XDR powered by Google Chronicle. The solution is designed to provide threat hunting and incident response services to defend against cyberattacks correlated across endpoints, networks, containers, apps, profiles, and cloud infrastructure.

Cybereason’s valuation stood at USD 2.5 billion, as of October 2022. In 2021, Cybereason generated nearly USD 160 million in annual recurring revenue (ARR), up 33% from USD 120 million in 2020. The company also grew its employee headcount from 500 in the spring of 2020 to 1,100 in November 2021. As of the same date, Cybereason experienced 200% growth in the US, which accounted for 50% of its market share, whereas Japan accounted for 35% of its market.

In April 2023, the company secured a USD 100 million investment led by SoftBank Corp. The new investment was expected to be deployed towards aiding Cybereason’s global expansion efforts along with driving innovation for its extended detection and response (XDR), endpoint detection and response (EDR), and endpoint protection platform (EPP) solutions.