Email security company Abnormal Security has closed its Series B round on $40m, to grow the size of its team.
The round was led by Menlo Ventures, with capital also coming from existing backer Greylock.
Funds will be used to double the size of its machine learning and data science teams, as well as improve its technology.
The platform leverages an AI-powered threat detection engine that uses a set of data beyond email to build an understanding of an enterprise. Through this, it can monitor the staff and supply chain to block targeted email attacks.
Abnormal Security claims the investment comes after it has seen rapid adoption due to remote working becoming much more widespread. This has helped it achieve a three-times year-over-year increase in its annual recurring revenue.
Menlo Ventures partner Venky Ganesan said, “We were blown away by the positive feedback from Fortune 500 customers using Abnormal Security to protect their organizations from the most sophisticated email attacks.
“Customers unanimously raved about Abnormal’s product innovation and velocity. The unparalleled traction and world-class team that the company continues to build make this a unique opportunity that we could not be more excited to join.”
With the close of the round, the company has raised a total of $75m in funding.
Abnormal Security CEO and co-founder Evan Reiser said, “There is clear evidence that conventional email solutions are insufficient.
“The shift in attacker techniques to more personalized, socially-engineered attacks requires a different approach. No amount of threat intelligence can stop an attack that’s never been seen before. The only way to do so is through AI-based behavioural detection. This funding allows us to double down on this technology and our team and deliver immediate and lasting value to our customers.”
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