Trilogy Equity Partners led a $4.5 million seed funding round in SignalSense, a cybersecurity business. SignalSense will use the funding to accelerate tech development, expand sales on the East Coast and make new hires in data science, security and software engineers.
SignalSense (www.signalsense.com), which has developed a new and proven system of advanced network security intelligence that up-levels enterprise security from the inside-out in order to help companies identify, understand and avoid the damaging effects of targeted attacks and insider threats, today announced that it has closed a Series Seed funding round of $4.5 million.
Trilogy Equity Partners (www.trilogyequity.com) led this funding round, continuing its support after SignalSense’s angel funding, which also included Ignition Partners (www.ignitionpartners.com) and Tola Capital (www.tolacapital.com).
The latest capital infusion will be used by SignalSense to accelerate technology development, expand the company’s sales presence on the East Coast and hire additional data science, security and software engineers to complement the experienced and capable team that is already in place.
Enriching and Enhancing CISOs’ Prevention Efforts With Advanced Security Intelligence
“We’re finding anomalies that can’t be stopped with standard pattern matching,” says Lynn Kasel, SignalSense’s CEO. “Security is moving beyond pattern matching, to systems where we collect and analyze all of the data moving inside the network. This volume of data is impossible to think through at a human level. Our goal is to multiply the mind of a security professional by using compute capacity that’s driven by artificial intelligence systems. This simulates what a human security expert would actually do. Rather than focusing on individual data streams that are extremely expensive to analyze, we are extending what you can look at, and what you can care about.”
Mainstream Enterprise Security Programs Shift to Inside-Out Analytics-Driven Solutions
One of the key pieces of SignalSense’s innovative security solution is a precise “Network Interaction Graph” of all activity between end-points on a corporate network. SignalSense captures network traffic like a DVR, with interactive visualization and full forensic reconstruction. This, in turn, allows the technology solution to proactively analyze the “right things” by leveraging signals intelligence and deep learning. As a result, SignalSense can determine and escalate high-priority risks and threats for CISOs.
Helping CISOs Fight Rampant and Relentless Attacks on Corporate Networks
SignalSense’s next-generation enterprise security solution addresses an acute pain point for companies, especially given the rampant and relentless attacks on corporate networks today.
The biggest and most devastating cyber attack against the U.S. government was revealed several months ago, when the Office of Personnel Management announced that hackers had compromised the personal data of millions of current and former federal employees.
Intuit had to warn its TurboTax customers to hold off from filing tax returns to ensure hackers couldn’t steal their refunds.
Sony Pictures’ email systems were accessed and embarrassing discussions were made public with costly consequences.
JPMorgan Chase discovered that unauthorized individuals accessed more than 90 of its secure servers over a two-month period. The result was the loss of personal financial information for at least 76 million households.
And a large Fortune 200 bank was recently victimized by hackers who “tunneled / masked” IP through DNS services, which obfuscated the attack from traditional detection systems that were already in place.
“When it comes to enterprise IT security, it’s no longer a question of whether a network will be compromised, but, rather, when a network will be compromised,” says Yuval Neeman, Managing Director at Trilogy Equity Partners. “Cyber attacks are increasingly sophisticated, and the financial incentives for hackers to steal private customer and corporate data keep rising. Meanwhile, the cost of data theft for companies, in terms of dollars and cents, reputational mistrust and dwindling stakeholder confidence, is growing exponentially. There’s hardly a day that goes by when a major enterprise security breach isn’t in the headlines.”
The data reinforces the serious nature of the enterprise security problem.
In 2014, more than one billion personal records were illegally accessed — up more than 54 percent versus 2013.
Almost 50 percent of all companies have experienced at least one security incident over the past 12 months.
And the average data breach costs companies $3.5 million.