Memcyco, a cyber defence platform specialising in real-time website impersonation detection and prevention, has closed its seed round on $10m.
Memcyco is at the forefront of mitigating a common and potent form of cyberattack known as ‘brandjacking’.
Memcyco received backing from leading investment firms Capri Ventures and Venture Guides. This noteworthy influx of funds marks a significant milestone in the company’s expansion.
Brandjacking, or website impersonation, is a cyberattack method where fraudsters lure users to imitation websites of known brands to trick them into revealing personal and financial information. This cybercrime variant poses a considerable threat, with imposter scams causing over $2.6bn in losses for consumers in 2022 alone, according to data from the U.S. FTC Consumer Sentinel Network.
Fighting off these threats, Memcyco employs its proprietary Proof of Source Authenticity technology. It offers Zero Day protection and real-time detection of such attacks, facilitating rapid response. Furthermore, the pioneering PoSA™ technology issues Red Alerts to users if they stray onto a counterfeit website, utilising artificial intelligence to identify irregular behavioural patterns.
The company intends to utilise this new funding to enhance and expand its unique PoSA™ technology. PoSA™ also features a digital watermark on the brands’ real websites, assuring customers of the site’s genuineness. Memcyco aims to create a secure online environment and bolster digital trust between brands and their customers.
Memcyco has an ambitious goal: reducing the financial damage to brands and their customers, minimizing user education efforts, curtailing the knock-on effects that discourage users from interacting with online properties, and thereby enhancing brand reputation.
Memcyco’s CEO and co-founder, Israel Mazin, expressed his optimism for the future. Mazin said, “At Memcyco, we have introduced a new paradigm for preventing website impersonation by providing multiple layers of protection for companies and their customers. This investment from such experienced leaders in cyber security delivers a strong vote of confidence in Memcyco’s ability to deliver a more secure and trustworthy digital ecosystem.”
Alex Pinchev, Founder and Managing Partner at Capri Ventures, and Ben Nye, Managing Partner at Venture Guides, also echoed this sentiment, hailing Memcyco’s groundbreaking real-time solution and the company’s committed leadership team. This seed round represents Memcyco’s first disclosed funding round.
Copyright © 2023 RegTech Analyst
Copyright © 2018 RegTech Analyst