Backed by Wiz founders and top cybersecurity executives, Minimus is the developer of a platform designed to help businesses keep their software secure from vulnerabilities
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Illustrative image of cybersecurity threats and data breaches. (iStock via Getty Images)
Tel Aviv security startup Minimus, founded by Israeli cybersecurity veterans, on Monday announced plans to shut down its operations and lay off employees after grappling with competitive headwinds and a challenging business environment.
Minimus employs about 35 workers who will be let go as the startup gradually ceases its operations in the coming weeks.
“Minimus is ending operations,” stated the startup’s co-founder and CEO Ben Bernstein. “Unfortunately, the current business and investment climate has resulted in a situation in which we are unable to continue operations.”Keep Watching
Minimus, formerly known as Gutsy, was founded in late 2022 by cybersecurity veterans Bernstein (CEO), Dima Stopel (VP R&D) and John Morello (CTO). The same team founded Israeli cloud security pioneer Twistlock, which was sold to cybersecurity giant Palo Alto Networks for about $410 million in 2019.
Three years later, the trio, who previously worked together at Microsoft, teamed up to develop a platform to help businesses and organizations secure their software supply chains and applications from malicious attacks by eliminating vulnerabilities. A software supply chain is the ecosystem of systems, infrastructure, processes, and people involved in developing software.
Minimus attracted prominent investors and top industry executives with an ambitious security platform designed to eliminate over 95% of software supply chain vulnerabilities.
In October 2023, shortly after the outbreak of war with the Hamas terror group, the startup raised $51 million in a financing round led by Yoav Leitersdorf’s YL Ventures and US venture capital fund Mayfield. Stellar cybersecurity entrepreneurs, including Wiz co-founders Assaf Rappaport, Ami Luttwak, and Roy Reznik; Talon founders Ofer Ben-Noon and Ohad Bobrov; former CyberArk CEO Udi Mokady; and CrowdStrike CEO George Kurtz also participated in the funding round.
Over the past year, the startup has been facing tough competition from a flurry of security solutions as a rapid digital transformation across industries has increased the risk of online vulnerabilities and hacks, prompting businesses to spend more on safeguarding their software domains and applications. The rapid adoption of AI tools into workflows has also opened unprotected attack channels for cybercriminals to target.
Minimus said it has started a 60-day transition period to provide customer support and maintenance services for its products and will gradually cease all operations by October 22. The startup is set to return about $10 million to its investors, according to reports in the Hebrew press.
Reference Link:- https://www.timesofisrael.com/israeli-startup-led-by-cybersecurity-veterans-lays-off-workforce-and-shuts-down/