IRONSCALES Secures $6.5 Million to Automate Email Phishing
Funding led by K1 Investment Management as global demand soars for its machine learning technologies to solve the complex technological, operational and human challenges of phishing attacks.
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 Continues Expansion Plans
Since entering the UK and European markets 18 months ago, IRONSCALES has established a strong customer-base and built solid relationships with MSSPs and IT Resellers. This capital investment will allow the company to further its aggressive expansion plans for this region, introducing additional partner incentives and ‘on the ground’ support. It recently announced the appointment of David Burnett as VP of Sales for UK & EMEA with further appointments and partnerships imminent.
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.