The UAE-based cyber security start-up spiderSilk has raised $2.25 million in a funding round led by Saudi Technology Ventures and Dubai-based Global Ventures.
The investment will help the company to grow its network of clients and expand its footprint across the Middle East and North Africa region, and establish a presence in North America, the company said.
"We are thrilled by the support we have received from all our partners and investors ... they will be instrumental in bringing our vision to life," Rami El Malak, co-founder of the start-up, said.
Founded in 2019, spiderSilk previously raised $500,000 of seed capital in a round led by Global Ventures last year.
"There is a common misconception about the MENA region’s ability to develop engineering-centric solutions, especially in the cyber security space where most of the technology is imported from abroad," Mr Malak said. "We are excited to be part of a growing narrative that is changing that."
The company’s technology maps out attack surfaces and uncovers broad vulnerabilities to eliminate potential security breaches.
"The spiderSilk team are outstanding partners, solving a critical problem in the ever-complex world of cyber security," said Basil Moftah, general partner at venture capital firm Global Ventures.
Cyber security has increasingly become an imperative of governments and companies as digitisation gathered pace as a result of the pandemic with digital criminal activity increasing.
The cyber security market is forecast to be worth $363.05 billion in 2025, almost 125 per cent more than the amount spent in 2019, according to Mordor Intelligence, a research consultancy. The market is projected to grow at an annual 14.5 per cent over the next five years.
Identities stolen from UAE consumers are among the most expensive for sale by criminals on the dark web, according to UK-based Comparitech. Stolen records for residents of the Emirates fetch an average of $25 each.
"With new and increasingly sophisticated cyber threats, there is a need for an innovative approach to cyber protection and monitoring," Ahmad AlNaimi, investment partner at STV, said.