Email phishing prevention platform IRONSCALES has closed a $6.5m Series A funding round led by K1 Investment Management.
Other backers to the round included existing investor RDC. The company’s total funding efforts have reached $8m, with IRONSCALES bagging a $1.5m round early last year.
IRONSCALES is a security platform that helps businesses protect themselves against email phishing through an automated approach to prevent, detect and respond to hazardous emails. The company’s solution is used across a range of industries including finance, healthcare and utilities.
This investment follows from the company’s third consecutive year of triple digit revenue growth, according to the company.
Equity raised in the Series will be used by IRONSCALES to accelerate its channel partner program and to expand its global sales team. A chunk of capital will also be put towards boosting its R&D for machine learning threat detection, incident response and intelligence sharing technologies.
IRONSCALES founder and CEO Eyal Benishti said, “The overwhelming majority of the world’s most devastating cyberattacks of recent years have begun with email phishing. 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.”
Alongside this investment, IRONSCALES has announced it will open its North American headquarters in Atlanta, during Q1 2018. The company’s VP of sales will now be based in this new office, alongside 10 – 15 new hires in marketing, business development and HR. The company’s R&D department will remain in Israel.
This marks K1 Investment Management’s second investment into the FinTech sector this month. The firm recently acquired communications compliance, archiving and analytics company Actiance.
Earlier this year, online fraud prevention solution Emailage secured a $10m round of funding led by Anthos Capital. The company uses real-time email transaction history to build a risk score to determine whether an account used for banking or payments its fake.
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