Dubai: UAE and Saudi funds do seem to be thinking alike on cyber threats… and what sort of investments can counter them.
Two of them participated in an early financing round for spiderSilk, a Dubai-based cybersecurity firm that’s into threat detection tech. UAE based Global Ventures and Saudi Arabia’s STV - a $500 million technology venture capital fund - co-led the $2.25 million round along with other angel investors.
The cash thus raised will speed up spiderSilk’s expansion within the region and help set up a presence in North America. “There is a common misconception about the MENA region’s ability to develop engineering-centric, deeptech solutions, especially in the cybersecurity space where most of the technology is imported from abroad," said Rami El Malak, co-founder at spiderSilk. "We are excited to be part of a growing narrative that is changing that.
Global Ventures has had an association with spiderSilk for a year now, and being part of the new funding comes as a natural progression. Basil Moftah, General Partner at Global Ventures, said: “The spiderSilk team are outstanding partners, solving a critical problem in the ever-complex world of cybersecurity, and protecting companies online from the increasing threats of malicious activity."