Cybeats Technologies Inc. was acquired by Scryb in March 2021
The Company initiated development of its SBOM Studio product subsequent to the acquisition and launched the product in September 2021
Favourable M&A transactions, market trends and enhanced regulation has validated Cybeats approach and value proposition
Leadership is now working with advisors to evaluate opportunities that would result in Cybeats being funded in conjunction with a “spin-out” transaction that would result in Cybeats trading independent of Scryb
Scryb Inc. an applied intelligence Company, is pleased to provide a comprehensive update on Cybeats cybersecurity technology (“Cybeats”) and growth strategy moving into 2022. Initial development of the Cybeats product suite commenced in 2016 and was acquired by Scryb in March 2021 with the intent of the strategic acquisition to accelerate the product’s path to market and explore potential integration of the Scryb’s AI platform to generate additional value.
Recommended AI News : Predictions Series 2022: Interview with Param Kahlon, Chief Product Officer at UiPath
In late summer 2021 Cybeats entered the market with a soft commercial launch and shortly thereafter announced its first commercial engagement publicly. Critical initiatives now include the expansion of leadership and commercial/sales teams, infrastructure scale-out, and business development activities. In addition to the initial product suite, integration of elements of Scryb’s platform has resulted in enhanced functionality, broadening the addressable market and value proposition. With favorable market conditions and positive industry feedback, leadership is now evaluating multiple opportunities to accelerate Cybeats growth and improve competitive positioning by direct funding and a resulting public spin-out transaction.
“The safety of our families, businesses and homeland security requires cybersecurity to keep critical infrastructure safe. With high profile hacks becoming more frequent the threat is just starting to get the attention it deserves. We believe that Cybeats can make a meaningful impact in helping solve or prevent some of these issues and create substantial value in doing so. Our sights are set on bringing Cybeats to the largest markets in the world which includes public listings in Canada and the US NASDAQ or NYSE listing thereafter.” said Yoav Raiter, CEO, Scryb Inc. “Earlier this year the NASDAQ hosted the largest cybersecurity IPO of all time in SentinelOne’s $10B transaction and there have been numerous notable transactions since then. These valuations are driven by the panic for solutions that are being developed or do not yet exist to protect products that are already in the market being used by citizens, employees and the government that are open and exposed for attack. Cybeats has been developed to create certainty and provide solutions for the future of cybersecurity.”
The Cybeats product suite offers software developers and device manufacturers intelligent security applications for software supply chains and IoT connected devices, autonomously detecting and eliminating cyber threats in real-time.
“Scryb’s AI/ML expertise allowed us to build strong foundations at the intersection of cybersecurity and machine learning, developing solutions that provide customers proactive and predictive security solutions,” said Dmitry Raidman, Co-founder & CTO, Cybeats. “The addition of the SBOM Studio product offering has also allowed Cybeats to have a holistic approach to software supply chain security, and provide security from the design phase through to its legacy.”
Recommended AI ML Article: Do’s, Don’ts and Legalities Involved in Future Brand Collabs
[To share your insights with us, please write to sghosh@martechseries.com]
Comments are closed.