Israeli cyber company CyCognito laid off about 30 employees - about 15% of the company's workforce

Posted on Dec 8, 2022 by Ifi Reporter

The Israeli cyber company CyCognito (CyCognito) laid off about 30 employees, which make up about 15% of the company's workforce of 185 employees in Israel and the United States. According to an estimate, half of the laid-off will come from the company's employees in Israel. The cut is across all departments in the company.
In the conversation, Dima Pothin, one of the company's founders, said: "The market is about to turn upside down and we are facing a severe recession and at best it will be mostly next year. We as a company wanted to change the industry we are in and therefore we are forced to extend the rate of our cash burn in order not to raise funds during this period. We started With funding cuts as much as we could and we also had to lay off employees. It is very difficult for me personally as one who built the website in Israel. I have been with these people for many years and we will help in any way to those who help us. It is not the fault of the employees, on the other hand the step must be taken to move on and it is better to do it from a position of power that we have money in the bank and an emerging market and strong customers, and to do it all at once like many companies have done."
About a year ago, the company raised $100 million in a C round, led by The Westly Group, based on a value of $800 million. Thomvest Ventures and The Heritage Group also joined Westly Group, which previously invested in Tesla and the Israeli Sentinel One. alongside the new investors. The company's existing investors, including Accel, Lightspeed Venture Partners, Sorenson Ventures and the UpWest Fund, also joined the current fundraising round.
The Israeli company has developed technology that provides a response to servers, computers and other hardware and software components that are connected to the corporate network and have been forgotten due to lack of use and other reasons. These computers are often not protected by the full organizational security and are a loophole for hackers who are only looking for the same points of failure that the organization has neglected. The company was founded in 2017 by former intelligence units Rob Gur-Zev (CEO) and Dima Pothin (CTO).


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