This past October, cybersecurity startup DEVCON announced that it will be returning to Memphis to build its headquarters there. The company will keep offices in Atlanta and London.
With this move and DEVCON’s new $2.4 million headquarters, the startup is expected to create more than 160 new jobs over the next 5 years.
“While Memphis has a strong base of agricultural tech and logistics tech, they recently started really focusing on cybersecurity. With some of the commercial enterprise headquarters that are there like FedEx and ServiceMaster, they wanted to make that a high priority,” DEVCON CEO Maggie Louie tells Hypepotamus.
The move comes in the heels of a product pivot earlier this year as the startup continues to grow. DEVCON recently moved away from its original proposition of protecting publishers and media companies from ad fraud from pop-up ads.
Louie says that the average fine for a data breach is $150 per record. However, data breach fines like British Airways’ can quickly escalate based on how long the vulnerability went undetected. The airline’s data breach went undetected for six months.
“You might have a content security policy that you feel like it’s covering some of this, but ultimately that’s a static solution for a dynamic problem.”
“This has given us a really great opportunity to provide real-time security on the client side and browser side for big enterprise banks, brands, e-commerce, and more — which is a much broader, bigger industry than the one we were servicing before,” she says.
This is a $500 billion market, Louie shares, much bigger than the previous adtech market they were initially addressing.
“Being able to not only block threats in real time, but then ranking the highest one so that those can be addressed immediately is a really great piece of our platform that I don’t think anyone else has been able to tackle,” she says.
The threats that aren’t as immediate are then archived; if they come up again, the team can review them as needed.
In Memphis, DEVCON will also be working with local state colleges to create curriculums that will train people to take jobs within the cybersecurity company. These curriculums will focus on browser-side and client-side web application security.
The team raised funding last December with a $4.5 million seed round, led by Las Olas VC. The SaaS startup currently has 20 team members and are expected to grow to 50 by 2021.
“Our philosophy is that security is freedom. The freedom for businesses to launch more products more quickly, go to market faster, and for consumers to stay ever connected without fear that they’re going to get compromised in some way,” says Louie.