SpiderSilk is a Dubai-based cybersecurity startup founded in 2019 by Rami El Malak and Mossab Hussein that develops an AI-powered cyber defence platform and continuous exposure detection technologies. The company announced it closed a $9 million funding round led by Wa’ed Ventures, with participation from STV and Global Ventures. The round was led by Wa’ed Ventures, Aramco’s $500 million Kingdom-based VC fund. SpiderSilk will use the funds to expand its cyber defence offering in Saudi Arabia and plans to relocate its headquarters to the kingdom in 2024. Earlier this year the company signed its first five-year agreements with global conglomerates like Unisys to provide MSSP services and advanced autonomous cyber defence capabilities. The press release cites rising investor interest in AI cybersecurity (about $1.9 billion raised across 153 deals in Q3 2023) and notes the average cost per data breach in the Middle East is roughly $8 million, framing the market need for SpiderSilk’s products. SpiderSilk builds an attack-surface management and threat-detection platform that continuously scans the open internet to attribute publicly accessible assets back to organizations. Its proprietary internet scanner has uncovered major exposures and breaches in recent years, including incidents involving Blind, leaked Samsung source code, a Clearview AI repository, and MoviePass card-number exposures. The platform maps a company’s assets, detects data exposures and vulnerabilities, and runs simulated attacks to help customers understand defensive gaps. SpiderSilk sells these capabilities to help organizations find and remediate misconfigurations and other internet-visible risks. The company says the new funding will be used to build out security, engineering and data-science teams as well as marketing and sales. It is expanding its presence to North America with sales and engineering hires and this is the company’s second institutional round.

Total raised

$11M

Funding rounds

2

Latest round

Equity

Latest activity

Nov 2023