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Dubai Cybersecurity Startup SpiderSilk Raises $9M in Funding Led by Wa'ed Ventures

Jonathan Wong

Jonathan Wong

20 November 2023

Dubai-based AI cybersecurity startup, SpiderSilk, raises $9 million in a funding round led by Wa'ed Ventures, alongside STV and Global Ventures. The funding aims to propel the expansion of SpiderSilk's cybersecurity technology solutions in Saudi Arabia, with plans to relocate its headquarters to the kingdom, as stated in a Wamda statement.

Managed by Wa'ed Ventures, a $500 million venture capital fund in the UK, the investment reflects a strategic move to support regional pioneers like SpiderSilk in enhancing cybersecurity self-sufficiency. SpiderSilk, established in 2019 by Rami El Malak and Mossab Hussein, offers AI-driven defense platforms and exposure detection technologies to fortify cybersecurity protocols.

The startup has already secured five-year agreements with global conglomerates, including Unisys, for managed security service provider services. According to SpiderSilk CEO Rami El Malak, the company aims to establish its headquarters in Saudi Arabia by 2024, contributing to employment opportunities in advanced technological domains such as cybersecurity, artificial intelligence, and research and development.

SpiderSilk's mission is to address the need for intellectual property development in the GCC region and promote self-sufficiency in the cybersecurity sector for both public and private organizations.