Cydome, the frontrunner in maritime cybersecurity solutions, has announced an $8M Series A round led by US-based 2.0 Ventures with participation from MD One Ventures, Camden Capital, Pointman UK, New Gate Capital, and existing investor VentureIsrael.
With cyber attacks in the shipping industry increasing by approximately 300% yearly since 2019, the funding will enable Cydome to continue to deliver the industry’s most innovative cybersecurity solutions to the maritime sector by expanding its operations globally and allowing the company to serve new markets. The global supply chain has become an increasingly attractive target to cyber attackers as it provides the potential for large-scale extortion, often running into millions of dollars, and damaging reputations.
“I think most people fail to appreciate how critical the maritime industry is for global trade and how unprotected its assets are from basic cyber attacks,” explains 2.0 Ventures Principal Bobby Meinhold. “We are incredibly impressed with Cydome’s founding team and think their collective experience in Israeli civilian tech, military security, and maritime ecosystems is critical to their ongoing success.”
“We are at a critical moment in the market, with a lot of technology changes and also tougher regulatory requirements. This new round will enable Cydome to expand its market presence and operations globally,” said Nir Ayalon, Cydome CEO, “I am thrilled to welcome 2.0 Ventures, MD One, Camden Capital, Pointman I UK, and New Gate Capital to Cydome. This investment is not just a validation of our vision to revolutionize maritime cybersecurity but also a testament to the hard work and dedication of our entire team.”
The Cyber Threat to Maritime
While 90% of the world’s goods travel by sea at some point, onboard digital systems, equipment, and networks are vulnerable; existing cyber protection is basic and inadequate. Additionally, regulatory bodies have recently introduced tougher cyber regulations. Maritime industry decision-makers are now looking for advanced cyber security built specifically for their needs which will also cover all growing AI cyber threats.
Cydome’s unique built-for-maritime solution supports fleet-wide real-time cyber protection, risk management, and regulatory compliance. It covers all assets and networks on board and is easy to deploy even without IT experts on board.
“For us, this is an investment in the future of security at sea and onshore as governments, class societies, and the whole shipping industry struggle with the threat of attacks. This creates the market opportunity that makes Cydome’s solutions so welcome,” William McManners, Director at MD One Ventures.