HYAS looks to develop cybersecurity product with $20 million CAD Series B round
Victoria-based cybersecurity startup HYAS has raised a $20 million CAD ($16 million USD) Series B round of funding as it looks to develop its cyber attack infrastructure identification and blocking technology.
The round was led by Austin, Texas-based S3 Ventures, with participation from Uncorrelated Ventures, Tightline Holdings, Cyber Mentor Fund, and Dcode Capital. Previous investors M12, Startup Capital Ventures, and 205 Capital also participated.
Following the deal, Charlie Plauche, partner at S3 Ventures, has joined the HYAS board of directors. The funds will be used to accelerate HYAS’ product development and market expansion.
Founded in 2015, HYAS offers a security solution that integrates into a company’s existing security tech stack, in order to proactively detect and prevent cyber threats before they happen. HYAS boasts among its clients multiple Fortune 100 companies.
The product is also designed to identify the infrastructure behind these cyber attacks. Teams can use HYAS’ platform to hunt down adversary infrastructure and block phishing and ransomware attacks at the network layer, before they have even launched.
HYAS is operating at an interesting time in the cybersecurity space, particularly as the COVID-19 pandemic forces employees to work remotely and shoppers to move their sensitive information online.
Deloitte’s Cyber Intelligence Centre has observed a spike in phishing attacks, Malspams and ransomware attacks during the pandemic. Large Canadian tech companies such as Wattpad and Shopify have experienced data breaches in 2020.
This overall spike in attacks has led to an increase in demand for cybersecurity software, with global enterprises predicted to spend $12.6 billion on cloud security tools by 2023.
“Supply chain, phishing and ransomware attacks continue to victimize enterprises and government organizations because traditional approaches to security aren’t closing the gap fast enough,” said Dave Ratner, CEO of HYAS. “HYAS turns the table on attackers by exposing and blocking their infrastructure and communication channels.”
British Columbia is home to a number of cybersecurity startups. Beyond HYAS, there is also Victoria-based Plurilock Security, which in September listed on the TSX Venture Exchange, as well as Vancouver-based Forecight.