INKY Technology Corporation closes $20m Series B, less than a year after its previous round

INKY Technology Corporation, which helps businesses protect themselves from email phishing, has scored $20m in its Series B round.

The investment was led by Insight Partners.

With the close of the round, the company will look to accelerate the enterprise adoption, expand globally and bolster its innovation roadmap.

The investment comes less than a year since INKY closed a $6m round from ClearSky Security and Gula Tech Adventures. INKY has raised a total of $31.6m in funding since it was founded.

INKY makes use of domain-specific machine learning and computer vision techniques to identify and block zero-day phishing emails which make it past legacy secure email gateways. It platform, which is often used as the last line of defence before emails reach a user’s inbox, helps to block thousands of malicious phishing emails each month.

Additionally, the company implements a colour-coded banner for each email, giving users warnings, recommendations and policy guidance, as well as a single-click button “report this email” to report emails.

INKY co-founder and CEO Dave Baggett said, “This Series B funding gives us the resources we need to serve the incredible demand we’re seeing from enterprise customers in particular, and will allow us to expand our go-to-market efforts globally.

“We’re excited to continue to invest in innovative new ways to protect companies of all sizes from email-borne threats of all kinds. INKY has seen phishing attacks more than double since the COVID-19 pandemic began, creating an even more urgent need for us to deploy our solution globally and at scale.”

The investment into INKY comes after the RegTech platform has seen increased adoption of its services, it stated. With the fresh funds, the company will look to bolster its presence in Europe, Asia and Latin America.

Insight Partners managing director Matt Gatto said, “Phishing continues to plague companies of all sizes and remains the primary vector by which attackers steal money, intellectual property, and personally identifiable information.

“Despite the ever-increasing volume of phishing scams, incumbent vendors cannot solve this problem. INKY’s sophisticated machine learning-based approach to identifying phishing attacks provides enterprises with an effective weapon against phishing.”

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