SYN Ventures, a West Palm Beach, FL-based venture capital firm, announced the first closing of its dedicated cybersecurity seed fund, at over $75M.
The firm expects to do a final close later this quarter.
The SYN Seed Fund will focus on investing in transformational and disruptive solutions, not incremental features, where there is an opportunity to reduce technology risk, address the talent gap and help automate and enhance security programs.
Led by Managing Partners Jay Leek, Patrick Heim, and Art Coviello, SYN Ventures is focused on investing in disruptive and innovative security companies in the cybersecurity, industrial security, national defense, privacy, regulatory compliance, and data governance industries.
The above Managing Partners have led more than 65 security investments including Accurics (acquired by Tenable), Carbon Black (IPO), Crash Override, CyberGRX (acquired by Process Unity), Mitiga, Query AI, Refine Intelligence, Revelstoke, SynSaber, and Synqly. Other investments include Adlumin, Boldend, Cranium AI, Halcyon, Metabase Q, Netography, Oomnitza, Pangea, Phosphorus, Qwiet AI, RegScale, Reveal Security, Sevco, Talon, Transmit Security and Upfort.
Commenting on the first close, Jay Leek said: “We’ve reviewed over 100 of the approximately 350 available seed investment opportunities in market since the launch of our first fund in 2021, without a concrete focus on the seed stage. It became wildly apparent the U.S. industry needs a dedicated fund to address this opportunity to help these founders meet the distinct challenges at this stage of a company’s development and growth – and SYN Ventures has stepped forward. With exclusive access to our vast industry networks for our seed founders and companies, and the opportunity to participate at the related events for our portfolio companies, we’ll now be able to help the earliest stage companies develop next-generation cyber solutions and find product-market fit faster than ever before. This fund is a major milestone for cybersecurity in the U.S.“
Marcio Lempert, based in Tel Aviv, has joined SYN full-time as a Venture Partner with the launch of the SYN Seed Fund.
The firm has over $600M of assets under management (AUM).