US-based cybersecurity software developer Cynet completed a $40m series C round that included telecommunications firm Deutsche Telekom yesterday.
Investment firm Greenfield Partners led the round and was also joined by Norwest Venture Partners, Vintage Investment Partners and BlueRed Partners.
Cynet provides an extended detection and response (XDR) software platform which helps businesses automatically detect and protect against cybersecurity risks. The funding will support the expansion of its team.
The company closed its $18m series B-plus round in June 2020. It was led by BlueRed Partners and also featured Deutsche Telekom, cybersecurity services provider and investment firm Merlin International, Norwest Venture Partners and Ibex Investors.
The last two had joined private investor Shlomo Kramer to supply $13m of series B funding for Cynet in 2018, following a $7m investment from hedge fund Lazarus two years earlier.