# Vulcan Cyber Financial Model

SaaS platform that orchestrates end-to-end vulnerability remediation - from scan to fix - across security, IT, and DevOps teams.

- Canonical: https://finamodel.com/startups/vulcan-cyber
- Excel download: https://finamodel.com/startup-models/vulcan-cyber.xlsx
- Category: Media/Gaming
- Model type: SaaS ARR / Valuation
- Funding round: Series B
- Funding: $21M
- Founded: 2021
- Geography: HQ Israel (Tel Aviv) + US offices (San Francisco, Austin) [DECK slide 2].
- Customer: B2B

## About the company

Vulcan Cyber sits between vulnerability scanners and remediation tools. It consolidates scan data, prioritises risk, researches remedies, sends tickets to asset owners through Jira, ServiceNow, and BMC integrations, and tracks fixes to closure rather than stopping at vulnerability identification.

The company offers freemium entry products, Vulcan Free and Remedy Cloud Free, alongside an enterprise remediation platform. The deck does not state pricing or contract structure, but the product fits a recurring SaaS model that can expand with customers’ applications, assets, integrations, and remediation workflows.

Vulcan reported 500% year-over-year ARR growth, $35 million of cumulative funding, 40 employees, and Snowflake as a named customer. It was founded in 2018, named a Gartner Cool Vendor in 2019, and an RSAC Innovation Sandbox finalist in 2020. The model should forecast paid conversion, enterprise ARR, expansion, cloud and integration costs, sales efficiency, and retention.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## Product & value proposition

Vulcan Cyber sits between vulnerability scanners (Tenable, Snyk, Veracode, Twistlock) and fix execution (patching, config management, deployment tools). It ingests scan data, consolidates and prioritizes vulnerabilities, researches remedies, routes tickets to asset owners via integrations (Jira, ServiceNow, BMC), and tracks remediation to closure. Positions against VM tools that stop at prioritization and never close the loop on actual fixes. Tagline: "Get Fix Done."

Freemium entry product: "Vulcan Free" and "Remedy Cloud Free" - most comprehensive free tools for risk-based VM and remediation intelligence.

## Traction & metrics

- 500% YoY ARR growth
- $35M raised (cumulative)
- 40 employees
- Founded Feb 2018
- Named Gartner Cool Vendor 2019
- RSAC Innovation Sandbox 2020 Finalist
- Named customer: Snowflake
- No absolute ARR figure, customer count, or NRR disclosed.

## Competition / moat

Competitive landscape: Vulcan differentiates from three categories:
1. Vulnerability scanners (scan/discover only)
2. Vulnerability prioritization tools (consolidate/prioritize only)
3. Risk-based VM platforms (stop at "remediation on paper")

Vulcan claims to be the only platform that covers all five steps through actual fix execution. Integration ecosystem is a key moat - broad connectors across scan, asset, ticketing, collaboration, and patch/config management toolchains.

## Team & funding ask / use of funds

Team:
- Yaniv Bar-Dayan - CEO & Co-founder
- Tal Morgenstern - CPO & Co-founder
- Roy Horev - CTO & Co-founder
- Noa Kramer - Head of People & Operations
- Nevo Laron - VP of Customer Success
- Rhett Glauser - VP of Marketing

Collective experience: Altiris, ServiceNow, Symantec, Rapid7, Exabeam, Cyberbit, SaltStack.

Investors: YL Ventures, TenEleven, Dawn, Wipro Ventures.

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## Recommended financial model

- **Archetype + why:** SaaS ARR model with land-and-expand mechanics. Vulcan sells annual enterprise subscriptions; freemium drives pipeline; the 500% YoY ARR growth rate and enterprise customer base (Snowflake) confirm SaaS ARR is the right frame. No marketplace, usage-based, or transactional revenue signals.

- **Forecast horizon & granularity:** 3 years (Year 1 monthly, Years 2–3 quarterly). Enterprise SaaS with long sales cycles warrants monthly granularity in Year 1 to capture ramp lag.

- **Key drivers & assumptions:**

| Driver | Value |
| -- | -- |
| ARR growth rate (Y1) | 500% YoY |
| ARR growth rate (Y2) | 200% |
| ARR growth rate (Y3) | 100% |
| Starting ARR | Unknown - must be provided |
| Gross margin | ~70–80% |
| Net Revenue Retention (NRR) | ~120% |
| Sales headcount % of opex | ~40% |
| R&D headcount % of opex | ~35% |
| CAC payback period | 18–24 months |
| Freemium conversion rate | 5–10% |
| Churn (gross logo) | <10% annually |

- **Scenarios (Base / Bull / Bear - which variables flex):**
  - Bull: ARR growth sustains at 300%+ in Y2, NRR 130%+, faster freemium conversion.
  - Base: ARR growth decelerates to 200% Y2 / 100% Y3, NRR 120%, 18-month CAC payback.
  - Bear: ARR growth slows to 100% Y2 due to sales execution risk / market competition, NRR 105%, extended payback.

- **Required sheets / outputs:**
  1. Assumptions - all drivers, scenario toggle (Base/Bull/Bear)
  2. ARR Bridge - beginning ARR, new ARR, expansion ARR, churn, ending ARR
  3. Income Statement - Revenue, COGS, Gross Profit, S&M, R&D, G&A, EBITDA, Net Loss
  4. Headcount Plan - by function (Sales, CS, R&D, G&A)
  5. Cash & Runway - burn rate, cash balance, months of runway given $35M raised
  6. Unit Economics - LTV, CAC, LTV:CAC ratio, payback period
  7. KPI Dashboard - ARR, ARR growth %, NRR, logo count, headcount, burn multiple

## Frequently asked questions

### Is the Vulcan Cyber financial model free?

Yes. The Vulcan Cyber model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.