California-based cybersecurity firm Abnormal Security has just closed a $210 million Series C funding round. The company provides enterprise email security solutions. The funds will be allocated to the development of its technology.
- Rethinking Cybersecurity in a Hybrid Work Context
- Accelerating AI Platform Innovation
- Accelerating innovation and pursuing growth
Rethinking Cybersecurity in a Hybrid Work Context
The Covid-19 pandemic has transformed the organization of companies. The latter have been led to set up hybrid work systems . This has prompted officials to rethink cybersecurity strategies . And this, to reinforce the protection of the employees, but also of the network of the organization.
In these contexts, organizations are particularly vulnerable to email attacks which are increasing in volume. Malicious actors are also using increasingly sophisticated techniques. This causes serious harm to businesses.
In the United States alone, business email compromise losses alone amount to almost $2.4 billion in 2021. This is partly due to the fact that security teams cannot no longer prevent these threats with manual processes or traditional solutions.
As a result, companies are increasingly relying on the AI-based platform to effectively protect their staff. Abnormal Security is one of those companies that offer innovative security solutions.
Accelerating AI Platform Innovation
Businesses and organizations agree that AI-based platforms remain one of the best solutions to date to protect staff from sneaky email attacks.
Abnormal Security is part of this new generation of cybersecurity solutions that take advantage of AI. This is necessary to change the game and stop the growing threat of sophisticated and targeted email attacks .
There is simply too much data for humans to analyze and determine what is reliable and what poses a threat. Abnormal is uniquely positioned to protect email organizations in the cloud with its AI-powered approach.
Abnormal Security announced the closing of a $210 million Series C funding round led by investor Insight Partners. Greylock Partners and Menlo Ventures also participated in the round.
Accelerating innovation and pursuing growth
California-based Abnormal Security raises $200 million for email security
With this round, the young Californian company founded in 2018 is now valued at $4 billion . Abnormal protects more than 5% of the Fortune 1000. Large companies such as Xerox, Hitachi Vantara, Urban Outfitters, Groupon, Royal Caribbean International or Auto Club Group-AAA are also on the list of its clients.
Evan Reiser, CEO and co-founder of Abnormal Security said, “This investment will allow us to accelerate our AI platform innovation to better protect our customers and continue our growth.”
It was a banner year for Abnormal. The company tripled its annual recurring revenue. It also doubled its workforce and unveiled its next-generation email security platform: Abnormal Integrated Cloud Email Security (ICES).
The platform has a renewal rate of 99%. This testifies to the trust of customers in the company. And the CEO says he’s delighted.