spiderSilk, a Dubai-based cybersecurity firm specialized in advanced threat detection technology, has successfully raised $2.25M in a Pre-Series A funding round. The round was co-led by Global Ventures and STV, along with several international angel investors participating.
spiderSilk reimagines threat detection away from the standard multi-solution, human resource-intensive proposition, to an automated, intelligent, and cost-effective one. The company’s technology maps out attack surfaces and uncovers broad vulnerabilities to eliminate security breaches.
Since the onset of the pandemic, cyber threats have quintupled, underlining the vulnerability of organizations to attacks in both the public and private sectors, the startup stated.
spiderSilk focuses on finding security exploits/vulnerabilities in applications residing on public and/or internal infrastructures. They use methodologies and “super-hackers” to achieve simulations with high impact and have uncovered threats that they believe would have impacted over 120 million human beings in aggregate.
Basil Moftah, General Partner at Global Ventures commented, “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. It is a real pleasure to witness and be a part of their evolution. They have been our partners for a year now, and it is great to see the growth of the business as they continue to develop innovative solutions to a critical global problem.”
Global Ventures previously led the startup’s Seed round in 2019.
Ahmad AlNaimi, STV Investment Partner added, "With new and increasingly sophisticated cyberthreats, there is a need for an innovative approach to cyber protection and monitoring. We're thrilled to join Rami and Mossab in their journey as they reinvent the space of attack surface management/threat detection and expand into global markets."
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Rami El Malak, Co-Founder at spiderSilk commented on the round, “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.
“There is a common misconception about the MENA region’s ability to develop engineering-centric, deep- tech 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. And as such, we could not have picked better partners than Global Ventures, STV and our group of angels to support us in that endeavor.”
The new funds will be used to expand spiderSilk’s geographic footprint across the MENA region, and establish a presence in North America.
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