Tel Aviv-based Ironscales, an automated phishing prevention, detection and response provider, has secured $6.5 million in Series A funding. K1 Investment Management LLC led the round with participation from return backer RDC.
TEL AVIV, DECEMBER 5, 2017 — IRONSCALES, the world’s first automated phishing prevention, detection and response provider, today announced that it has secured a $6.5 million Series A, led by K1 Investment Management, LLC, with participation from existing investor RDC. On the cusp of its third consecutive year of triple digit revenue growth, IRONSCALES will use the capital investment to accelerate its channel partner program, expand its global sales team and expedite research and development for its machine learning threat detection, incident response and intelligence sharing technologies. IRONSCALES, which was recently featured by Momentum Partners as one of the top 10 cybersecurity companies to watch in Q3 2017, has now raised more than $8 million since 2015.
IRONSCALES enables organizations to mitigate the risk associated with the technological, operational and human challenges inherent to phishing attacks. Its multi-layered and automated approach to prevent, detect and respond to phishing emails combines micro-learning phishing simulation and awareness training (IronSchool), with mailbox-level phishing detection (IronSights), automated incident response (IronTraps) and real-time automated actionable intelligence sharing (Federation) technologies. By providing protection at every stage of an email phishing attack, IRONSCALES’ customers reduce false positives and the time from email phishing attack discovery to enterprise-wide remediation from days, weeks or months to just seconds, with little to no security team involvement.
“IRONSCALES’ unique approach to phishing detection and remediation particularly resonated with the K1 team, and we looking forward to leveraging our previous experience in partnering with growing security companies as the company strengthens its position within a rapidly evolving market,” said Hasan Askari, Managing Partner of K1. “We are excited at the opportunity to be a long-term capital partner for Eyal and the IRONSCALES team.”
UNDERSTANDING THE EMAIL PHISHING EPIDEMIC
More than 90 percent of cybersecurity attacks begin with email phishing due to the escalation of technological, operational and human vulnerabilities. Today, traditional signature-based secure email gateways and filters are easily bypassed by sophisticated spear-phishing, spoofing and business email compromise (BEC) messages. In addition, the success of employee awareness and training programs have proven limited, as the majority of workers lack the time, skills, focus and tools to serve as full-time phishing defenders. And when suspicious emails are identified and reported, security teams and incident responders are frequently ill-equipped to respond as expeditiously as phishing mitigation requires.
With IRONSCALES, organizations reduce technological, operational and human risk through multi-layered anti-phishing machine learning technologies that provide:
Smart real-time email scanning with cloud native support (Multi AV, Sandbox, CDR)
User behavioral analysis & mailbox segmentation
Mailbox level detection & context based in-mail alerts
Automated forensics, remediation & orchestration
Automated threat intelligence sharing
Micro-learning employee awareness training with real-life phishing simulations
A report button and 911 mailbox in the Outlook or Google toolbar.
“The overwhelming majority of the world’s most devastating cyberattacks of recent years have begun with email phishing,” said Eyal Benishti, founder and CEO of IRONSCALES.
“IRONSCALES multi-layered and automated approach to email phishing mitigation utilizes machine learning technology that continuously gets smarter, empowering organizations to reduce cybersecurity risk in the midst of the unprecedented frequency and complexity of attacks.”
IRONSCALES Prepares for North American Expansion
IRONSCALES also announced today that it will open its North American headquarters in Q1 2018. Its VP of Sales will be based in Atlanta, while 10-15 new jobs in marketing, business development and HR will be hired at its new office location. R&D will remain in Israel. More information on new U.S. and EMEA employees and locations will be revealed in the coming months.
For more information on IRONSCALES, visit www.ironscales.com and follow @ironscales on Twitter and Linkedin.
IRONSCALES is the leader in anti-email phishing technologies. Using a multi-layered and automated approach to prevent, detect and respond to today’s sophisticated email phishing attacks, IRONSCALES expedites the time from phishing attack discovery to enterprise-wide remediation from months to seconds, by significantly reducing the workload on incident responders. Headquartered in Tel Aviv, Israel, IRONSCALES was founded by a team of security researchers, IT and penetration testing experts, as well as specialists in the field of effective interactive training, in response to the phishing epidemic that today costs companies millions of dollars annually. It was incubated at the 8200 EISP, the top program for cyber security ventures, founded by alumni of the Israel Defense Forces’ elite Intelligence Technology unit.
About K1 Investment Management
K1 is an investment firm focusing on high-growth enterprise software companies globally. K1 seeks to help dynamic businesses achieve successful outcomes by identifying and executing organic and acquisition-based growth opportunities that position its companies as industry leaders. K1 typically invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. K1’s investments vary in the level of ownership in order to meet the needs of entrepreneurs and managers. For more information about K1, please visit www.k1capital.com.
Founded in 1993 by Rafael and Elron, RDC has successfully invested in a large number of hi-tech companies in a wide range of disciplines. RDC leverages Rafael’s know-how, expertise, and technological edge, as well as Elron’s proven M&A track record, access to capital markets, and strategic expertise to invest in early stage cyber security ventures. RDC invest in its porffolio companies from start to exit, working with its entrepreneurial teams every step of the way to ensure success.