IRONSCALES, an automated anti-email phishing startup, has announced the close of a $15 million Series B funding round, led by returning investor K1 Investment Management. The Atlanta and Israel-based company will utilize the funds to specifically scale its operations and client base in North America.
This brings IRONSCALES’ total capital raised to over $25 million, following a $6.5 million Series A in 2017.
The company, named the Best Enterprise Email Security Solution by the Cybersecurity Breakthrough Awards, was formed only five years ago as part of a cybersecurity incubator program founded by alumni of the Israel Defense Forces. Eyal Benishti, IRONSCALES founder and CEO, is also an IDF alum.
Is email phishing still a problem in today’s day and age, you (and many others) might ask? The short and definitive answer is yes.
In fact, email phishing is actually on the rise according to Proofpoint’s 2018 State of the Phish Report. Over 85 percent of security professionals reported phishing incidents at their companies, up from about 75 percent in 2017.
IRONSCALES uses a combination of machine learning and human intelligence to identify and stop email phishing at all levels, beginning at the single-user mailbox. They offer phishing simulation training, detection, incidence responses and automated intelligence sharing.
As the platform catches and stops phishing attacks, its AI learns how attackers behave over time and evolves to address increasingly-sophisticated attacks. Earlier this year, they released the email security industry’s first anti-phishing mobile app for security professionals to receive alerts and make decisions on the go.
Since establishing a North American office in Atlanta early last year, IRONSCALES has scaled quite a bit. The company claims to have experienced triple-digit growth and ten times revenue growth in the U.S. alone.
They have almost 1,000 mid-market and enterprise clients globally across sectors like financial services, healthcare, retail, and education.
“IRONSCALES’ differentiated method of phishing prevention, detection and remediation has clearly resonated with enterprises,” said K1 Managing Partner Hasan Askari.
IRONSCALES’ first U.S. hire was Vice President of Sales for the Americas Adam Hofeler, formerly of security company Palo Alto Networks. Since then the company has hired about a dozen in Atlanta, about a third of their total workforce. CEO Benishti also recently relocated to Atlanta.
The company projects doubling their headcount both globally and in Atlanta by the end of the year.
