Betakit recently reported that HYAS, a Victoria, British Columbia-based cybersecurity start-up, has raised CAD$20 million in its Series B financing round. The round was led by Austin, Texas-based S3 Ventures with additional participation from Uncorrelated Ventures, Tightline Holdings, Cyber Mentor Fund, and Dcode Capital. M12, Startup Capital Ventures, and 205 Capital, who all previously invested in HYAS, also participated in the round. Charlie Plauche, partner at S3 Ventures, will join HYAS’ board of directors. The financing will support HYAS as it seeks to develop its “cyber attack infrastructure identification and blocking technology”. Specifically, HYAS will use the funds to accelerate product development and market expansion.
HYAS was founded in 2015 and “offers a security solution that integrates into a company’s existing security tech stack, in order to proactively detect and prevent cyber threats before they happen”. HYAS currently has a number of Fortune 100 companies in its portfolio of clients. Cybersecurity is a growing market and Deloitte’s Cyber Intelligence Center has noted an increase in cyberattacks during the COVID-19 pandemic. It is certainly an exciting time for the cybersecurity sector, especially as it is predicted that global enterprises will spend US$12.6 billion on cloud security tools by 2023.
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