Dubai Based SpiderSilk Raises $9M Led by Wa’ed Ventures
The Funding will Fuel the Expansion of SpiderSilk’s Cyber Safety Technology in KSA
spiderSilk, a Dubai-based cybersecurity AI startup, announced closing a $9 million funding round led by Wa’ed Ventures, Aramco’s $500 million Kingdom-based VC fund, to fuel the expansion of its cyber defense technology offering in Saudi Arabia. The round included participation from STV and Global Ventures.
Established in 2019 by co-founders Rami El Malak and Mossab Hussein, spiderSilk is working on addressing the limitations in cybersecurity products by providing organizations with an AI-powered cyber defense platform and continuous exposure detection technologies.
With a Saudi headquarter planned for 2024, spiderSilk aims to create high-skilled jobs in advanced technology fields such as cybersecurity, artificial intelligence, and R&D.
Earlier this year, spiderSilk signed its first 5-year agreements with global conglomerates like Unisys to provide Managed Security Service Provider (MSSP) services to provide advanced, autonomous, cyber defense capabilities that directly reduces operational cost and uplifts cybersecurity measures for these companies.
With IP and Domain-based tools available today, organizations and their security teams often lack the full visibility of their publicly accessible attack surfaces. They simply can't track what they don't know. That is why spidersilk’s advanced AI technologies are becoming more popular in the region.
The increase in funding follows an identifiable market need for more cybersecurity solutions, especially around fighting security breaches. In the Middle East alone, the average cost per data breach is estimated to be around $8 million, according to IBM in its 2023 Security report.
With the recent influx in AI-based solutions and products, there has been a growing interest among venture capital investors in cybersecurity funding for AI startups with nearly $1.9 billion raised globally across 153 deals last quarter alone (Q3, 2023), cites Crunchbase.
Wa’ed Ventures is Aramco’s venture capital fund designed to support the start-up ecosystem in Saudi Arabia by investing in local tech-based start-ups and localizing pioneering global innovations.