Coro Cyber Security Ltd., a startup that helps midsize businesses with limited cybersecurity expertise more effectively block hacking attempts, closed a $60 million Series C funding round.
Balderton led the round with participation from existing Coro investor JVP. The startup revealed in its investment announcement today that it has raised a total of $80 million over the past six months.
Coro, which has offices in Israel, New York and Chicago, offers a cybersecurity platform for midsize businesses with up to 4,000 employees. Coro uses artificial intelligence to automatically block hacking attempts. According to the startup, its platform is significantly easier to use than competing tools.
Many cybersecurity tools require specialized know-how to use, which often makes them inaccessible to midsize businesses with limited in-house cybersecurity expertise. Additionally, tasks such as mapping devices affected by a data breach are often time-consuming. This is not a challenge for companies with a large number of IT professionals, but can complicate operations for mid-sized companies.
Coro says its platform uses AI to automate much of the manual work involved in securing corporate networks. According to the startup, the platform can block phishing campaigns and malware targeting employee devices. It is also able to detect if hackers are trying to access business data that a company stores in popular cloud services.
Coro displays cybersecurity issues in a dashboard that frees administrators from having to conduct complex breach investigations, saving time. The platform automatically blocks many cybersecurity risks. If an incident requires manual entry, administrators can troubleshoot the issue using drag-and-drop commands.
Coro’s platform also identifies regulatory compliance issues. Its algorithms can, for example, detect whether employees of a bank store are logging their activities in a way that is not compliant with the financial industry’s PCI DSS standard.
“Faced with limited security expertise, staff and budgets, midsize organizations are forced to choose between incredibly expensive and labor-intensive enterprise solutions or off-the-shelf solutions. piecemeal employment,” said Coro CEO Guy Moskowitz. “Coro is quickly becoming the standard cybersecurity platform for midsize businesses, with thousands of installations protecting millions of devices and phenomenal growth across the board.”
Coro revealed today that he has achieved 300% year-on-year growth in each of the past three years, although he did not share absolute numbers. Following its latest funding round, the startup plans to triple its headcount with a focus on expanding its operations in Chicago.