Previous Post
EXCLUSIVE: Meet the 10 Startups Chosen for the First ‘Google for Startups Accelerator’ in MENA
Next Post
KSA’s Alternative Savings App Hakbah Looks to Increase User Base by 500% Following $1.2 Investment

Dubai-Based Cybersecurity Specialist spiderSilk Raises $2.25 Million to Expand into New Markets

Despite its relatively short existence, the firm now has its eyes set on expansion throughout and MENA, as well as North America.

Since the Coronavirus pandemic began, Dubai-based cybersecurity firm, spiderSilk, has reported five times as many cyber threats as usual. With a specialisation in advanced threat detection, they've been able to raise $2.25 million in a Pre-Series A funding round, co-led by STV and Global Ventures.

"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," Co-founder at spiderSilk, Rami El Malak, said. "They will be instrumental in bringing our vision to life."

And what a vision it is. They don't waste time throwing manpower at a problem until it goes away. spiderSilk is all about cost-effective, automated solutions, using their technology to expose security breaches in systems within the private and public infrastructures. Their "super-hackers" are able to discover threats that, by spiderSilk's count, could affect more than 120 million people.

“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," Rami El-Malak said. "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.”

"With new and increasingly sophisticated cyberthreats, there is a need for an innovative approach to cyber protection and monitoring," STV Investment Partner Ahmad AlNaimi said. "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."

Learn more about spiderSilk here.

Sign up for the daily Startup Digest.

Startup stories straight to your inbox

Sign up for the weekly newsletter