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Wa’ed Ventures, the venture capital arm of Saudi Aramco, has led a funding round for Dubai-based start-up SpiderSilk.
The AI cybersecurity company raised $9 million. STV and Global Ventures also participated in the fundraising round.
“As we lead its latest funding round, we are excited to welcome SpiderSilk to the Wa’ed Ventures portfolio of start-ups in artificial intelligence,” Wa’ed said in a statement.
“The company is working with hundreds of clients in emerging markets to prevent data breaches with continuous exposure detection technologies.”
Founded in 2019 by Rami El Malak and Mossab Hussein, the cybersecurity technology company specialises in attack surface management (ASM) and threat detection.
It helps companies identify, manage and protect their attack surfaces, according to its social media profile.
“While the GCC is a key technology market, there is hardly any IP being built in the region for the region and beyond, and we believe that it is increasingly important to achieve self-reliance in this sector for the benefit of the public and private organisations,” said El Malak in a statement.
(Writing by Cleofe Maceda; editing by Seban Scaria)
