Dubai cybersecurity firm spiderSilk closes $2.25m funding round

Dubai-based cybersecurity firm spiderSilk, specialising in advanced threat detection technology, has raised $2.25m in their pre-series A funding round.

Proceeds from the round, co-led by VC firm Global Ventures and STV, plus several international angel investors, will be plied to expand spiderSilk’s geographic footprint across the MENA region, and establish a presence  in North America.

spiderSilk reimagines threat detection away from the standard multi-solution, human resource intensive proposition, to an automated, intelligent and cost-effective one. The company’s technology maps out attack surfaces and uncovers vulnerabilities to eliminate security breaches.

Basil Moftah, general partner at Global Ventures, said: “The spiderSilk team are outstanding partners, solving a critical problem in the ever-complex world of cybersecurity, and protecting companies online from the increasing threats of malicious activity. It is a real pleasure to witness and be a part of their evolution. They have been our partners for a year now, and it is great to see the growth of the business as they continue to develop innovative solutions to a critical global problem.”

“With new and increasingly sophisticated cyberthreats, there is a need for an innovative approach to cyber protection and monitoring. We’re thrilled to join Rami and Mossab in their journey as they reinvent the space of attack surface management/threat detection and expand into global markets,” noted Ahmad AlNaimi, STV investment partner.

Rami El Malak, co-founder at spiderSilk, meanwhile, said: “We are the first cybersecurity technology company from the region with such global aspirations, and we are thrilled by the support we’ve received from all our partners and investors. There is a common misconception about the MENA region’s ability to develop engineering-centric, deep-tech solutions, especially in the cybersecurity space where most of the technology is imported from abroad. We are excited to be part of a growing narrative that is changing that.”

Increased online presence and digital transformation are exposing businesses to malicious activity at an unprecedented rate. Since the onset of the pandemic, cyber threats have quintupled, underlining the vulnerability of firms to attacks in both the public and private sectors.

Read: How Covid-19 has worsened corporate cybersecurity woes