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Buguard raises $500K in seed round, eyes expansion in Saudi Arabia
Sep 7, 2023
As organizations across the MEA region increasingly embrace digitalization strategies and rapidly shift toward cloud migration, we will inevitably see an expansion of the threat surface area. The region has already witnessed exponential growth in threats such as DDoS attacks, phishing, and ransomware, resulting in the implementation of strict regulatory compliance measures across many countries and greater awareness around the need for organizations to improve their security postures. This will drive strong demand for security solutions over the next few years until the situation stabilizes.
With a share of 19.2%, the banking, financial services, and insurance (BFSI) vertical will be the MEA region’s biggest spender on security solutions and services this year and will remain so through 2026. Cybersecurity remains a top priority for the industry, with BFSI organizations continuing to spend on enhancing security in their application and development environments, strengthening customer trust in digital services, and developing security for cloud migration.
In this regard, Sharikat Mubasher conducted an interview with Youssef Mohamed, Founder and Chief Technology Officer of Buguard, the Cairo-based offensive security and dark web monitoring company, discussing the company’s latest fund round and how the proceeds will be used. Mohamed also discussed the recently launched product and the company’s expansion plan across the GCC, especially Saudi Arabia.
How will you allocate the proceeds of the company’s recent seed round?
Our $500,000 seed fund raise, led by A15, is our first external funding. Following a very successful first half of 2023, we are keen to build on our rapid momentum by growing our team, ramping up product development and sales, signing new strategic partnerships and expanding regionally.
Would you please give us more details regarding your newly launched product “Dark Atlas”?
Our newest product is Dark Atlas, a SaaS product for dark web monitoring and account takeover prevention. Dark Atlas has several competitive differentiators; the product is much broader and deeper and monitors for malware such as Redline, Raccoon, and Vidar - the root causes of most material data breach incidents. These are a serious threat as they steal saved credentials from victims’ browsers and have the relevant URL within which the credentials can be used.
Dark Atlas also monitors dark web marketplaces, hacking forums, underground channels, and private clouds to identify and help neutralize breaches across different venues.
How do you see the future of cybersecurity companies in Egypt?
We will continue to see the growth of the cybersecurity sector in Egypt for several reasons. As Egypt continues to undergo rapid digital transformation, the threat of cybersecurity becomes more real and therefore will need to be greater addressed, resulting in a growth of the industry.
Additionally, we are seeing a lot of support for cybersecurity from the Egyptian government as it plays a vital role in assisting Egypt’s strategy and 2030 vision for digital transformation. Collaboration between the private sector and government is imperative for the continued development of cybersecurity and for the prevention of cyberthreats.
What makes Buguard unique among its competitors in the market? What are the extra services you offer to your clients?
As a multinational cybersecurity firm, we offer a range of offensive security services including penetration testing and vulnerability assessment, phishing simulation, compromise assessment, threat intelligence and red teaming.
By performing different security assessments on the scope, we can identify security vulnerabilities on our client’s network, application, or code, and analyse the risk and its impact on the organization.
It is important we guarantee our clients are equipped to continually prevent, identify, and respond to cyberattacks by utilizing our awareness of attackers’ techniques to penetrate defenses, in-depth knowledge of the newest security tools, and a dedication to innovation.
We recently announced the launch of Dark Atlas, our new SaaS product for dark web monitoring and account takeover prevention. Dark Atlas specifically monitors compromised devices for information stealer malware, dark web marketplaces, hacking forums, underground channels, and private clouds to identify and help neutralize breaches across different venues.
Who are the company’s most important clients in Egypt and in the MENA region? and who are the clients you are targeting in the coming phase?
All our clients are important. We are sector agnostic and work with several companies in Egypt who are paving the way in their respective fields. Examples include Paymob, Rabbit and Thndr. We have also developed a global client base spanning Saudi Arabia, the United States, France, Australia and the UAE.
What is Buguard’s expansion plan in the GCC, especially in Saudi Arabia? How do you see the Saudi market attractive to your business?
Definitely. GCC expansion, particularly to Saudi Arabia, is a priority for us this year. The recent funding will help us fulfil our significant growth potential and expand our market reach.
Saudi Arabia has increased its investment in cybersecurity, and the government has formed several regulatory frameworks and laws to protect businesses from cyber threats, emphasizing the Kingdom’s dedication to cybersecurity and the sector’s maturity.
The Cyber Security Market is projected to grow at a CAGR of 12.4% between 2020 and 2026, with The National Cybersecurity Authority also setting out minimum standards for cybersecurity, as businesses are advised to adopt these measures to ensure the safety of their data.
As KSA and the GCC move forward with their rapid technological advancements, it is vital for businesses to have the right cybersecurity infrastructure in place to prevent any vulnerabilities.
How does the world of dark web cyber threats affect companies’ growth and performance?
The dark web threat is very real, dynamic, and growing. It can be a very dangerous place and is a haven for cybercriminals stealing and compromising personal credentials – which is still the most common cause of a data breach. The impact of the dark web, if not regulated can be significant, resulting in financial loss, reputation damage for the business, and a loss of stakeholder trust.
In the UAE alone, cyber-attacks increased by 71% in 2021, and PwC data shows 58% of Middle East organizations anticipate a rise in cyber spending, up from 43%. As the GCC region rapidly transforms digitally, more and more companies will adopt greater cybersecurity measures, as the impact of an attack increases and systems grow more complex
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Given Saudi Arabia’s growing investment in biotech and innovation, do you see the Kingdom emerging as a regional R&D hub for regenerative medicine in the coming years?
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Known for its strong focus on research and innovation, Bioscience works closely with top universities and reinvests in developing advanced therapies. As it looks to expand further into the Gulf, particularly Saudi Arabia, the company is bringing its expertise in stem cells, personalized medicine, and AI-powered diagnostics to the region.
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You launched the first private stem cell lab in the GCC back in 2013. What was the regional and global landscape for stem cell therapy like at the time, and how did you establish scientific credibility in such an emerging field?
When we began our stem cell cultivation activity in Dubai in 2013, we built a cell factory that was the only one of its kind in the entire Middle East. At the time, there were only about a hundred clinical trials underway, whereas now there are more than 1,600. Back then, there were no authorizations from the FDA or the European Medicines Agency, whereas now such approvals exist. Scientific evidence was limited to a few localized treatments, whereas today systemic physiopathological and pathological conditions are being treated with excellent results. Scientific evidence and our rigorous activity have contributed to building our credibility in the region.
Bioscience has been operating across Europe and the UAE. What draws you to Saudi Arabia now, and how do you view its potential for knowledge transfer and long-term collaboration?
We are very interested in what is happening in KSA and in the opportunity to export our know-how, which began to take shape in 2007 when we started our operations in Italy. For this to happen, it will be necessary to share our experience with a Saudi partner who is suitable in terms of expertise and capabilities.
How would you describe the regulatory and cultural environment in the GCC when it comes to adopting advanced biomedical technologies like stem cell therapy?
The regulatory and cultural environment of the GCC has been open to dialogue and has not taken a prejudiced stance. As a result, it focuses on the substance of proposals, facilitating the introduction of innovative technologies in the region more quickly than in other countries. The GCC regulatory framework is highly flexible and is not influenced by the lobbying of large industries, as is often the case in the USA and Europe.
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We use AI for our Clinical Decision Support System, which assists our physicians in performing accurate patient assessments and identifying the most suitable therapy by cross-referencing data from numerous biomarkers—something that would otherwise be impossible for a human to achieve.
With digital transformation reshaping patient expectations in Saudi Arabia, how is Bioscience adapting its technology and service models to meet demand for more personalized and tech-enabled care?
We have developed an IT platform that functions as an operating system and can be integrated into the operations of any clinic, enabling the use of the most advanced protocol in the fields of molecular biology, genomics, and regenerative medicine with stem cells and exosomes.
Given Saudi Arabia’s growing investment in biotech and innovation, do you see the Kingdom emerging as a regional R&D hub for regenerative medicine in the coming years?
Saudi Arabia has the potential to become a hub for R&D in regenerative medicine; however, in addition to investments, a supportive environment and incentives should be created for companies with know-how that could be shared.
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Buguard's Founder: We raised $500K in seed round, studying expansion in Saudi Arabia
As organizations across the MEA region increasingly embrace digitalization strategies and rapidly shift toward cloud migration, we will inevitably see an expansion of the threat surface area. The region has already witnessed exponential growth in threats such as DDoS attacks, phishing, and ransomware, resulting in the implementation of strict regulatory compliance measures across many countries and greater awareness around the need for organizations to improve their security postures. This will drive strong demand for security solutions over the next few years until the situation stabilizes.