SoftBank backs US-based Cybereason, supports Japan expansion
SoftBank Corp. has led a $59 million Series C round of funding for US-based Cybereason and will help the company distribute its cyber-security platform in the Japanese market.
Existing investors Charles River Ventures (CRV) and Spark Capital also took part in the round. CRV provided Cybereason's $4.6 million in Series A funding in early 2014 and then participated in the $25 million Series B in May of this year alongside Spark and Lockheed Martin. Spark led the Series B round.
Cybereason is headquartered in the US but was founded in Israel three years ago by former members of the Israel Defense Forces (IDF). CEO Lior Div was team commander of a cyber-security unit within the IDF. The company specializes in detection and prevention of cyber-attacks on large corporations.
According to Cybereason's website, it takes on average 210 days for a data breach to be detected and one month to investigate and respond to incidents. The cost of a breach increased 15% between 2013 and 2014, reaching an average of $3.5 million. The company says its technology allows faster detection and a more effective response.
"Our deployment of the Cybereason platform internally gave us firsthand knowledge of the value it provides, and led to our decision to invest. I'm confident Cybereason and SoftBank's new product offering will bring a new level of security to Japanese organizations," said Ken Miyauchi, president and CEO of SoftBank Corp, in a statement.
SoftBank Corp. is a subsidiary of Japan-listed SoftBank Group. It has made a number of investments in US-based start-ups, including leading a $20 million Series B round for analytics player Cinarra Systems in July of this year. Cinarra also launched joint business operations with SoftBank in Japan.
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