Dubai cybersecurity startup SpiderSilk raises $9M in funding round led by Wa’ed Ventures
The company plans to use the funding to accelerate the growth of its cybersecurity technology solutions in Saudi Arabia.
UAE cybersecurity AI startup has secured $9 million in a funding round led by Wa'ed Ventures, a UK-based $500 million venture capital fund. The round also saw participation from STV and Global Ventures.
According to a statement on Wamda, the funding will accelerate the growth of the startup's cybersecurity technology solutions in Saudi Arabia. The startup is also set to relocate its headquarters to the kingdom, the statement added.
“As an emerging market, achieving self-reliance when it comes to cybersecurity depends heavily on our ability to back regional pioneers (like) the likes of SpiderSilk who not only understand the criticality of data breaches affecting our market, but whose mission is to also educate clients and regulators on the cyber threats they themselves might be missing,” said Fahad Alidi, Managing Director at Wa’ed Ventures.
SpiderSilk, founded by El Malak and Mossab Hussein in 2019, offers an AI-powered cybersecurity platform that enables companies to reduce operational costs and enhance their cybersecurity measures.
Earlier this year, SpiderSilk signed five-year agreements with global conglomerates such as Unisys to provide managed security service provider services.
The startup aims to improve cybersecurity by offering AI-powered defence platforms and continuous exposure detection technologies.
“While the GCC is a key technology market, there is hardly any IP being built in the region for the region and beyond, and we believe that it is increasingly important to achieve self-reliance in this sector for the benefit of the public and private organisations,” said Rami El Malak, co-founder and CEO at SpiderSilk.
With plans to make Saudi its headquarters in 2024, the company aims to create high-skilled jobs in advanced technology fields such as cybersecurity, artificial intelligence, and R&D.
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Edited by Swetha Kannan
