Dubai-based Cyber Security Startup spiderSilk Raised $2.25M

spiderSilk is a Dubai-based cyber-security start-up that seeks to offer high-impact cyber-attack simulations for both the public and private sectors worldwide. The start-up, founded by Mossab Hussein and Rami El Malak, currently has three members onboard. It was established in 2019 with the goal of protecting and controlling the attack surfaces of companies and identifying weaknesses in order to prevent security breaches.

With the funding led by Global Ventures and STV  with the participation of several overseas companies, this startup has recently raised over $2.25 million in pre series A round. The funding process has been split into two rounds. The first round of financing was announced on 8 January 2021 and the second round was announced on 25 January 2021. With the capital raised, the organization aims to extend its facilities throughout the Middle East, North Africa (MENA) and to develop its presence in North America as well.  Previously the company has raised a $500K as a seed round in november 2019 from Global Venture and angel investors.

The firm has helped companies such as Lenovo, Panasonic, Samsung, SOUQ, NAVBLUE and MUBADALA to define, handle and secure against cyberattacks and data breaches. Some of the biggest data breaches have been uncovered by spiderSilk.

  • Blind, the supposedly confidential social network that disclosed Silicon Valley employees’ private complaints
  • A lab leaked with Samsung’s code for various projects including the SmartThings and Bixby platforms.
  • A massive spill of unencrypted customer card numbers at now-defunct MoviePass.
  • Code and apartment camera footage belonging to facial recognition startup Clearview AI, which also includes the company’s secret keys and credentials.

The proprietary machine-driven technology of the company dramatically enhances the capabilities of human ethical hackers, thus leveraging both the power of machines and human creativity. The company focuses primarily on detecting security exploits / vulnerabilities in public and / or internal infrastructure-based applications. With different methodologies, the company claims to achieve the highest impact simulations that have affected a large population. The enterprise security testing offerings of spiderSilk are also assisted by comprehensive consulting services that are designed to provide insight into areas within a company that need to be enhanced, as well as to highlight areas where best security practices can be implemented.

Due to the pandemic, numerous malware and malicious activities are carried out between the networking and internet industries which are at their height and there is no good time for cybersecurity firms to proactively and effectively respond to these acts. And, spiderSilk is proudly able to provide these facilities.

“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. They will be instrumental in bringing our vision to life,” said Rami El Malak, co-founder at spiderSilk.

 He added, “There is a common misconception about the ability of the Mena region to develop deep-tech, engineering-centered solutions, particularly in the cybersecurity area where most of the technology is imported from abroad.” We are delighted to be part of a rising narrative that changes that. And as such, we could not have picked better partners than Global Ventures, STV and our group of angels to support us in that endeavor.”

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,” quoted Ahmad AlNaimi, STV investment partner.

With growing access to the Internet by individuals, network and internet-related malfunctions are already on the increase, and this pandemic has made it worse. Cybersecurity companies such as spiderSilk would play a vital role in handling these malwares and mitigating data leaks and security vulnerabilities that may concern major organizations and people. As a result, extending their facilities internationally benefits not only people, but also the company itself.

Image: Pixabay

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