Dubai based cyber security startup SpiderSilk secured $500,000 in seed funding, the startup told MENAbytes yesterday. The investment was backed by Global Ventures, FutureTech and Magnus Olsson, co-founder of Careem.
Established in 2019 by Mossab Hussein, who was a product manager at Careem, and Rami El Malak, SpiderSilk protects companies against cyber attacks by first simulating them, then sending clues on how to stay safe against them.
The startup detected as well in 2019 a vulnerable fax server of a health-tech company, which includes a great bunch of electronic medical records software makers for hospitals, clinics, and pharmacies. The server was leaking thousands of data daily, encompassing doctor’s notes, medical records, and prescriptions.
“We went with Global Ventures, because while we are Dubai based and are proud to be protecting our community here, the opportunity that we have is global. We are therefore not anchored to a single market or region. Global Ventures will help us expand our footprint into international markets,” said El Malak in a statement to MENAbytes.
The startup will use the investment to further expand its team to build the product, which is planning to launch as a “security as a service” this year.
It is noteworthy that this is considered the eighth investment for Global Ventures that kicked off last year.
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