SolCyber Secures $20 Million in Series A Funding From ForgePoint Capital
Managed security service provider SolCyber has raised $20 million in a Series A round led by ForgePoint Capital. The company plans to use the funds to expand its product offerings, increase customer acquisition, and accelerate its go-to-market efforts. The company is also seeking to hire additional staff.
Forgepoint is one of the top cybersecurity venture capital funds in the world, with a portfolio of 36 companies. The firm has an Advisory Council made up of 75 industry leaders. It has completed 22 new financings in 2021 and added ten new cybersecurity companies to its portfolio. Its portfolio includes 1Kosmos, DeepSee, Ermetic, Rafey, and others. Surefire Cyber is another company in Forgepoint’s portfolio, with $10 million in Series A funding.
The company employs 12 people and expects to hire 20 more by the end of the year. The company is targeting the information security market, where spending is expected to reach $170.4 billion by 2022. The company is positioned to take advantage of the cyber-crime pandemic, which has created a major tailwind for the industry. Another tailwind is the cloud capabilities, which enable barriers to dematerialize.