For those in the US, I hope everyone had a wonderful 4th of July holiday with friends and family. As we conclude the first half of 2024, we remain very active in the market and welcome some incredible new companies to the portfolio. The quality of opportunities we have seen in the first half of the year has significantly increased. It is back to the level of quality we were seeing before the decline in 2023. We are also seeing increased M&A interest across the portfolio.
The Q2 ‘24 highlights include:
- Met with 139 new security companies
- Completed two new investments
- Completed two follow-on investments
- Held our 6th annual RSA CISO dinner with over 100 attendees
SYN led the seed round for Deepinsight, currently in stealth. Deepinsight is enhancing cyber resilience with its advanced GenAI-powered platform. This platform helps enterprises analyze and respond to cyber threats across public and private clouds, as well as OT infrastructures. Deepinsight's data fabric integrates data from the entire cyber ecosystem, providing comprehensive attack and remediation analysis for vulnerabilities and security alerts.
SYN led the Series B in BforeAI. BforeAI’s PreCrime predictive and preemptive technology stops cyberattacks before they happen. BforeAI maps and predicts malicious domain patterns to detect anomalies before they turn into attacks. They also automatically take down attacker infrastructure in minutes or hours. BforeAI’s technology is unique in that it combines preemptive detection and remediation with no action required from SecOps teams. Also, their Performance Guarantee, backed by MunichRE, will refund up to 10x annual contract value if they miss a false positive or negative. They are currently performing 1000s of automated takedowns per day for customers and saving millions of hard dollar costs as a result. They have also been able to reduce phishing attacks by 96% for one of the largest social media platforms, avoiding over 1m scam victims in the last 3 months alone.
SYN led the Series A extension for Metabase Q, which is MDR currently focused on the Latin American market. The Series A Ext will help Metabase Q expand into the US market as well as position them for future financings.
Finally, SYN led a follow-on convertible note in Synqly. Synqly is the first Integrations-as-a-Service platform (iPaaS) entrant specifically targeting the security use case.
We also added Adam Cecil as COO & Operating Partner to the team at SYN. Adam has spent his 30+ year career as a finance professional and business executive spanning early-stage startups to Fortune 50 companies.
Thanks for all your support!
#cybersecurity #VentureCapital #VC #CISO
