Zenedge, a provider of cybersecurity solutions, announced Thursday that it has completed a $6.2 million Series C investment led by growth equity investor Pilot Growth Equity. Pilot Growth led the round with a $5 million investment, with additional funds coming from Zoho Corporation, as well as from existing investors TELUS Ventures and Yehuda Neuberger.
The financing will be used to fund Zenedge's continued global expansion, sales and marketing activities and for further investment in its patent-pending technology. William Lee, co-founder and managing director at Pilot Growth, will join Zenedge's board of directors. With this new Series C round, total investment in the Aventura-based company is $13.7 million.
Founded in July 2014, Zenedge provides organizations a cloud-based enterprise-class, managed cybersecurity Infrastructure-as-a-Service to help secure their web applications and networks against vulnerabilities and DDoS attacks. Unlike other Web Application Security solutions in the market, Zenedge said it leverages patent-pending deep machine-learning capabilities to detect anomalies, dynamically alter security postures, and initiate auto-mitigation and automatic routing with minimal to no human intervention. This allows the company to provide better cybersecurity and faster time to mitigation than traditional cloud and on-premise cybersecurity vendors, ultimately resulting in less and shorter business interruptions, while helping reduce operational costs, said its founder and CEO, Yuri Frayman.
“We are thrilled to welcome Pilot Growth to lead our Series C round and have William Lee join our board of directors, as they represent a partner that provides us not only with capital, but vast strategic experience and relationships,” said Frayman, who sold his last company to Google. "We are also excited to welcome Zoho, already a strategic Zenedge customer, as a new investor in this round.”