Cypago is competing in a governance, risk, and compliance market estimated to be worth $47.22 billion in 2022. Despite competition from established vendors and other startups, Cypago has seen healthy uptake, with a customer base that includes Check Point, Hippo Insurance, and Trigo. The new funding will be used to expand its R&D division and product teams to support its go-to-market efforts in North America and the EU.
Key takeaways:
- Cybersecurity startup Cypago has raised $13 million in funding to automate cybersecurity processes and workflows around cyber governance, risk and compliance.
- The company was founded by Arik Solomon, a former EY executive, and Yahav Peri, previously an officer in the Israel Defense Forces intelligence corps.
- Cypago uses AI to automate the work involved with collecting and analyzing data related to security, compliance, and privacy controls, and provides an AI assistant called Co-Pilot to answer natural language questions about a company’s cybersecurity posture.
- With the new funding, Cypago plans to grow its R&D division and product teams to support its go-to-market efforts in North America and the EU.