Israeli cybersecurity starutp SecBi has raised $5 million in Series A funding. Orange Digital Ventures, Connecticut Innovations, Amichai Shulman and Jerusalem Venture Partners led the round.
Beer Sheva, Israel, September 27, 2016: SecBI, a leading developer of advanced cybersecurity threat detection solutions, today announced that it has closed a $5 million Series A funding round by Orange Digital Ventures, Connecticut Innovations, Amichai Shulman and existing investor Jerusalem Venture Partners (JVP). Proceeds of the round will be used to launch SecBI’s debut product and increase its marketing and sales footprint in North America and Europe.
SecBI’s advanced software solution automates threat detection and incident investigation, utilizing proprietary machine learning technology to analyze all network security log data. This allows it to detect advanced and hidden threats, unveil the full scope of an attack, and create a comprehensive incident storyline with autonomous investigation — making mitigation fast and accurate. The SecBI solution is agent-less and appliance-less, making deployment swift and simple.
76% of organizations suffered successful cyberattacks over the last 12 months, and this number is growing annually. While prevention is important, it is not always possible. Therefore, security teams must assume that their network has already been compromised, and understand that detection is key to protecting the organization.
However, hackers are continuously improving their techniques, employing stealthy attack vectors that go undetected. Existing tools may provide thousands of alerts, but no insight that allows for careful planning of next steps. SecBI is the first solution that delivers a full narrative and incident report that includes all affected users, domains, assets and more.
“The solution is in production, processing billions of network logs a day, attracting global enterprises and financial institutions,” said Gilad Peleg, CEO, SecBI. “The renewed support of JVP and our new investors Orange Digital Ventures, Connecticut Innovations and Amichai Shulman, will allow SecBI to seize these opportunities, accelerate sales and marketing efforts on a global scale, and establish the right partnerships to provide customers with state-of-the-art solutions.”
“We made the decision to invest in SecBI following a comprehensive review of its technology and initial customer feedback,” said Pierre Louette, Orange’s Deputy CEO and also President of Orange Digital Ventures. “We are committed to supporting and nurturing cyber security innovation, and SecBI represents exactly the type of forward-thinking partners we are seeking.”
“SecBI identifies all the stages of the cyber kill chain, including malware infection in the network, command and control communication, and exfiltration. It also leverages unique big-data and machine learning technology, ingesting raw event data rather than relying on SIEM systems,” said Yoav Tzruya, partner, JVP. “SecBI offers earlier detection, comprehensive automated incident discovery and superior investigation and forensics.”
“Fighting cybercrime requires a non-linear approach, and following a long due diligence process, we’ve concluded that SecBI’s unique machine learning technology is just that,” said Peter Longo, senior managing director, Connecticut Innovations. “SecBI’s team uniquely balances cybersecurity domain expertise with technological ingenuity, and entrepreneurship with large scale operational experience and business leadership. We look forward to the company opening its U.S. headquarters in Connecticut.”
“I’ve been tracking SecBI’s progress over the past year, and have been impressed with the quality of their technology and the benefits it provides customers,” said Amichai Shulman, board advisor, SecBI and founder and CTO, Imperva (NYSE:IMPV). “In initial customer implementations, the solution has demonstrated the ability to detect alerts other products cannot, uncover the full scope of an attack, and provide advanced forensics information.”
SecBI provides an advanced threat detection system that uncovers the full scope of cyber attacks, including all affected users, domains, assets and more. Based on proprietary machine learning technology, SecBI’s solution detects advanced threats that other systems miss, creates a comprehensive incident storyline with autonomous investigation, and enables rapid and accurate mitigation. SecBI’s team uniquely balances cybersecurity domain expertise and technological ingenuity with entrepreneurship, large scale operational experience and business leadership. The company was founded in 2014 in JVP Cyber Labs in Be’er Sheva. For more information, please visit: www.secbi.com
About Orange Digital Ventures
Orange Digital Ventures identifies and funds early-stage start-ups. Orange Digital Ventures proceeds by making investments via minority holdings. The focus is on financing those start-ups working on the new and next transformations of digital ecosystem and targeting large markets/sectors, through innovation, disruptive technologies or new business models. Orange Digital Ventures will support in particular start-ups in the fields of new Connectivities, Enterprise Cloud and data, the Internet of Things, and Fintech, from any geographical location. For more information please visit digitalventures.orange.com or follow us on Twitter: @Orange_DV.
About Jerusalem Venture Partners (JVP)
Jerusalem Venture Partners (“JVP”) is an internationally renowned venture capital fund based in Israel. JVP has raised over $1.1bn, built over 120 companies, was ranked by Preqin as one of the top-ten consistently performing VC firms worldwide and has led 29 notable exists – 12 IPOs and 17 M&As – the most recent being the NASDAQ-listed security forerunner CyberArk (NASDAQ: CYBR) and the Altair Semiconductors acquisition by Sony Corporation. JVP is renowned for its hands-on approach in creating companies from seed through its state-sponsored incubators and deep expertise in the fields of cyber security, big data, enterprise software, storage, mobile, media and IoT. Leveraging a rich network of global industry partners, JVP works closely with international corporations in Europe, the US and China to drive portfolio expansion. In 2013 JVP established its early-stage investment vehicle, JVP Cyber Labs, aimed at identifying, nurturing and building the next wave of cyber-security and big data companies to emerge from Israel. Based in the epicenter of Israeli cyber innovation in Beer Sheva, JVP Cyber Labs brings together academia, multinational corporations, and experts with experience from the military’s elite computer units and has become a magnet for aspiring entrepreneurs from all over the country.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. For more information on CI, please visit www.ctinnovations.com.