Israeli cybersecurity co Memcyco raises $37m

Company Overview - Israeli cybersecurity company Memcyco has completed a $37 million Series A financing round, bringing the total amount raised to $47 million [1] - The financing round was led by NAdventures, with participation from E. Leon Jimenes, Pags Group, and existing investors Capri Ventures and Venture Guides [1] Use of Funds - The capital raised will be utilized to expand Memcyco's cybersecurity platform, develop new products, and accelerate sales activities in North America and Latin America through direct efforts and business partners [2] Technology and Solutions - Memcyco has developed a security platform that identifies and thwarts phishing attacks and account takeovers at an early stage, allowing organizations to act before damage occurs [3] - The company's system operates in real-time, penetrating attacks to identify both victims and attackers instantly [5] Market Demand - There is an increasing demand for Memcyco's solutions due to a sharp rise in account takeover (ATO) attacks, which have surged by approximately 250% in 2024-2025, with cumulative damages expected to reach $343 billion by 2027 [4] Company Growth and Performance - In 2025, Memcyco reported threefold growth in annual recurring revenue (ARR) and customer base, having thwarted over 3.5 million ATO attempts [5] - The company was founded four years ago and currently employs about 90 people, with 60 based in Israel [5] Founders and Leadership - Memcyco was founded by Israel Mazin, Ori Mazin, Elyahu Mashiah, and Gideon Hazam, with Israel Mazin having over 30 years of experience in founding and leading software and cybersecurity companies [6]