Cylance Raises $42 Million to Protect Enterprises
Total funding now tops $77 million as Cylance aims to answer the question of how to protect organizations against attacks.The number 42 has a special significance in Geek culture as the answer to the question of the meaning of life, the universe and everything. For security firm Cylance, $42 million also has special meaning as the dollar amount raised in a new Series C round of funding announced today, with investment from DFJ Growth, KKR, Dell Ventures, CapitalOne Ventures and TenEleven Ventures. This brings total funding to date for Cylance to $77 million. "What the new money does for us is it will help us to expand on a lot of what we're already doing," Stuart McClure, CEO, president and founder of Cylance, told eWEEK. "Just over a year ago we released our flagship product with Cylance Protect, so now is the time to really hit the gas on sales, marketing and support to really scale up the business." As to why Cylance raised $42 million and not some other amount, McClure noted that it wasn't just a desire to use the number "42" in a press release. Cylance could have raised $50 million or more, he said, since it has solid products and services and is profitable at this point. However, he emphasized, his primary desire is to accelerate the company's growth as rapidly as possible. Cylance's core product, Cylance Protect, is a next-generation endpoint security technology. Cylance Protect uses predictive modeling to help organizations identify and protect against risks, according to McClure.
Prior to founding Cylance in 2012, McClure had been at McAfee, which acquired his company Foundstone in 2005. "In my old McAfee days, we would do daily signature updates, as the argument was that attackers are highly advanced and change their tactics every day," he said. "That's basically a bunch of hooey. There is nothing new, and all these cyber-attacks are basically the same. It's just that signature-based detection products can never predict an attack."