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Startup Firm SpiderSilk Raises USD 2.25M to Help Prevent Data Breaches

Dubai-based cybersecurity startup SpiderSilk has raised USD 2.25 million in a pre-Series A round, led by Dubai-based Global Ventures and Saudi Technology Ventures.

In the last two years, SpiderSilk has discovered some of the biggest data breaches0020like Blind, the allegedly anonymous social network that exposed private complaints by Silicon Valley employees; a lab leaked highly sensitive Samsung source code, apartment building camera footage belonging to controversial facial recognition startup Clearview AI, an inadvertently public code repository revealed apps code, and a spill of unencrypted customer card numbers at MoviePass in the subscription service’s casket.

The fresh investment will help the company to grow its network of clients and expand its footprint across the North Africa region and the Middle East and, and also establish a presence in North America.

SpiderSilk co-founder and chief security officer Mossab Hussein said, “Much of those discoveries were found from the company’s proprietary internet scanner.”

Any company or business would want their data locked down, but mistakes happen and misconfigurations can leave sensitive internal corporate data accessible from the internet. SpiderSilk helps the customers understand the attack surface by helping them look for stuff that is exposed but shouldn’t be. SpiderSilk uses its scanner to map out the firm’s assets and attack surfaces to detect vulnerabilities and data exposures.

Cybersecurity has increasingly become an imperative of governments and companies as digitization gathered pace as a result of the pandemic with digital criminal activity increasing.

SpiderSilk’s co-founder and chief executive Rami El Malak said, “We are thrilled by the support we have received from our partners and investors. The attack surface management and threat detection platform we built scans the internet on a continuous basis to bring accessible assets back to organizations. The platform highlights, uncovers, and exploits how an organization is immune from infrastructure visibility blind-spots.”

El Malak also said that the funding will help to build out its security, engineering, and data science teams, as well as its marketing and sales. He added that the company is expanding its presence to North America.

Basil Moftah, Global Ventures general partner said, “The SpiderSilk team is outstanding. It works amazingly to solving critical issues in the cybersecurity world by protecting organizations from the threats of malicious activity.

Ahmad AlNaimi, investment partner at Saudi Technology Ventures, the venture capital arm of Saudi Telecom Company said, “With new and increasingly sophisticated cyber threats, there is a need for an innovative approach to cyber protection and monitoring.”

This is the company’s second round of funding, after a seed round of USD 500,000 in November 2019, also led by Global Ventures and several angel investors.

 

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