Cybeats Demonstrates Strong Customer Traction and Expanding Pipeline
Report #2 Recap
In Sophic Capital’s The Invisible Grid report, we introduced Sophic Capital client Cybeats Technologies Corp. [CSE:CYBT, OTCQB:CYBCF], a global leader in software supply chain security. That report outlined the Company’s SBOM (Software Bill of Materials) solutions, the competitive landscape, and the growing regulatory pressures driving adoption. This follow-up explores Cybeats’ customer validation, sales pipeline, and near-term growth outlook.
Adoption by Industry Leaders
The increasing reliance on third-party components—(often comprising 70% to 90% of modern code)—continues to expose organizations to growing cybersecurity risks. As detailed in our SBOMs Away! report, regulators and enterprises alike are responding by mandating SBOMs to bring visibility and accountability to the software supply chain.
Sophic Capital client Cybeats Technologies Corp. (“Cybeats” or the “Company”) has established itself as a trusted partner in SBOM management for Fortune 500 firms. Its flagship product, SBOM Studio, is already being used by several Fortune 500 companies across healthcare, manufacturing, and industrial control sectors. These are industries where compliance and security are critical, and Cybeats’ adoption reflects a broader industry shift toward managing software risk as part of core operations.
With SBOM adoption forecasted to grow from US$1.3 billion in 2024 to nearly US$4.9 billion by 2030 (24.9% CAGR), Cybeats is well-positioned to capitalize. The Company’s SBOM Studio is more than a compliance tool—it delivers operational value, helping enterprises manage risk across procurement, development, and deployment. Adoption by multiple Fortune 500 clients underscores the platform’s utility across highly regulated sectors. Select customers are shown in Exhibit 1.
Exhibit 1: Some of Cybeats Technologies’ Clients
Source: Company Reports
Pipeline Conversion and Revenue Growth
Cybeats is turning enterprise interest into meaningful revenue, with a 90% pilot-to-contract conversion rate. The Company secured $2.4 million in added contract value during fiscal 2024. This traction includes a Fortune 50 company that advanced from a six-month pilot to a one-year contract, with further expansion expected, and one of Europe’s top 100 firms by market cap, which has increased its SBOM Studio license count and appears poised to scale further. This illustrates the land-and-expand model at work—starting with pilots, then scaling across departments.
Looking ahead to fiscal 2025, Cybeats plans to drive growth through three core strategies:
- expanding existing contracts: strengthening relationships with enterprise clients and growing recurring revenue.
- new market penetration: targeting high-growth sectors seeking SBOM compliance solutions.
- AI-driven innovation: launching next-gen features centered around predictive threat analytics and guiding clients through cyber threats using AI.
Cybeats has added to its go-to-market momentum with the inclusion of an experienced Account Executive, working with a growing number of sizable opportunities across key industries like healthcare and telecommunications. Several of these are well into the buying process. The increase in interest and deal activity reflects both rising demand for Cybeats’ solutions and solid execution by the team. While we’re staying cautious with forecasts, there’s real potential for meaningful growth ahead.
Coming up…
In Sophic Capital’s next report we will explore business and revenue models of Sophic Capital client Cybeats Technologies Corp. [CSE:CYBT, OTCQB:CYBCF].
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Disclosures
Cybeats Technologies Corp. [CSE:CYBT, OTCQB:CYBCF] has contracted Sophic Capital for capital markets advisory and investor relations services.
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