Software provider Microsoft’s corporate venturing unit, M12, contributed to a $16m series B round for Canada-based cybersecurity technology developer Hyas yesterday.
The round was led by venture capital firm S3 Ventures and Charlie Plauche, a partner at the firm, will take a board seat in connection with the round. It included Tightline Holdings, Uncorrelated Ventures, Cyber Mentor Fund, Dcode Capital, Startup Capital Ventures and 205 Capital.
Hyas has created a software platform that integrates with a customer’s existing cybersecurity infrastructure to proactively detect risks and mitigate them. It will put the series B funds toward product development and international growth.
M12 led the company’s $6.2m series A round, in 2018, which also featured Startup Capital Ventures, 205 Capital, Wesley Clover, Tim Eades and Tom Noonan, before Susa Ventures added an undisclosed amount shortly afterwards.
Hyas CEO Dave Ratner said: “Supply-chain, phishing and ransomware attacks continue to victimise enterprises and government organisations because traditional approaches to security are not closing the gap fast enough. Hyas turns the table on attackers by exposing and blocking their infrastructure and communication channels.
“This new round of financial support and the deep expertise of our new and existing partners will help us accelerate the execution of our vision on a global scale.”
