Agari, a cloud-native solution that uses predictive AI to stop advanced email attacks, has raised $40m in growth capital.
The Series E funding was led by Goldman Sachs Growth Equity, with participation from Norwest Venture Partners, Scale Venture Partners, Battery Ventures, Greylock Partners, First Round Capital and Alloy Ventures. It increases Agari’s total financing to $88m and comes two years after the company raised $22m in its Series D round.
With the growth capital Agari plans to catalyse on its rapid global expansion across Europe and Asia, strengthen its strategic worldwide channel partnership, and increase its technology relationship programs. The capital will also be put into Agari Identity Intelligence, the underlying AI supporting all Agari products, and bolster complete email security product offering. Agari Email Trust Platform spans both inbound and outbound messaging scenarios, will also be bolstered.
“Whether it’s phishing of customers or targeting executives with social engineering, email is the communications channel for the top cybersecurity threats impacting customers, employees and suppliers,” said Richard Szymborski, manager of IT security and risk management, Air Canada. “By protecting the email channel with Agari, we are improving our security posture enormously, protecting our brand and helping our business build trusted relationships with our customers.”
The company’s Enterprise Protect claims to protect employees from costly inbound identity-based impersonation attacks and fraud, will benefit from new innovations including account takeover and breach remediation.
Since launching less than two years ago, the platform has more than tripled the number of customer deployments worldwide, driven by mass enterprise migration to cloud email and increasingly sophisticated inbound impersonation attacks.
Agari also provides Customer Protect, which protects consumers and brand reputation from outbound email abuse, will leverage advancements in Agari DMARC capabilities, including richer reporting and sender analytics. Today Agari commands more than a 60 percent share of protected email sending domains worldwide including six of the top 10 banks.
“Safeguarding against sophisticated email deception attacks and account takeover has become a boardroom-level mandate, with business email compromise costing companies billions of dollars each year,” said Ravi Khatod, CEO, Agari.
“The sophistication of attacks and rapid migration to cloud-based email has disrupted the multi-billion dollar email security market and Agari is the only cloud-native solution proven to stop these attacks at enterprise scale.”
Earlier this week, Inky Technology, an email security company based in Rockville, Maryland, has raised $5.6m in fresh funding. The Series A was led by ClearSky Security, with participation from BlackStone and Gula Tech Adventures. As part of the funding, ClearSky Security managing director Peter Kuper has joined Inky’s board of directors.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
