Portfolio News

CyberGRX and BitSight Partner to Deliver 360-Degree View of Third-Party Cyber Risk

  |   Portfolio News, The Latest

 

 

 

 

 

 

 

Strategic Partnership Embeds BitSight’s Market-Leading Security Ratings Capabilities into CyberGRX Third-Party Cyber Risk Exchange

 

DENVER & CAMBRIDGE, Mass.–(BUSINESS WIRE)–CyberGRX, the provider of the most comprehensive third-party cyber risk management platform, and BitSight, the Standard in Security Ratings, today announced a technology partnership to embed BitSight’s proprietary security rating capabilities within the CyberGRX Exchange, the world’s first marketplace for sharing third-party cyber risk security information.

 

Integrating BitSight’s objective, quantitative measurements of companies’ security performance into the CyberGRX Exchange provides a unique 360-degree view of third-party cyber risk. The combination of BitSight’s Security Ratings, generated through externally observable data, with CyberGRX’s validated third-party cyber risk assessments, allows customers to make more informed decisions and scale their third-party risk programs.

 

“BitSight is a leader of the security ratings market, and their ability to continuously rate the security performance of third parties from an outside-in perspective will strengthen the CyberGRX Exchange,” said Fred Kneip, CEO, CyberGRX. “Combining their proven non-intrusive approach to evaluating risk and security performance with the inside-out view our platform provides is a powerful proposition for customers: a comprehensive, continuous, 360-degree view of third-party cyber risk exposure.”

 

As digital ecosystems continue to expand, the number of vendors, partners, contractors and customers with access to a large enterprise’s network can easily run into the tens of thousands. According to research from Gartner, “By 2020, 75 percent of Fortune Global 500 companies will treat vendor risk management as a board-level initiative to mitigate brand and reputation risk.”1The integration between CyberGRX and BitSight enables customers to get the most comprehensive view of the real risk posed by their third parties.

 

“Enterprises today require access to accurate, continuous and actionable information about third-party cyber risk,” said Jacob Olcott, Vice President of Strategic Partnerships at BitSight. “CyberGRX helps to solve that problem for companies across the world, and our security ratings provide the unique, objective data that organizations need to scale their third-party risk programs and make more informed business decisions.”

 

For information on the CyberGRX Exchange, visit https://www.cybergrx.com/our-platform/. For information on BitSight Security Ratings for Vendor Risk Management, visit https://www.bitsighttech.com/security-ratings-vendor-risk-management.

 

About CyberGRX
CyberGRX provides enterprises and their third parties with the most cost-effective and scalable approach to third-party cyber risk management today. Built on the market’s first third-party cyber risk Exchange, the CyberGRX platform applies advanced analytics to eliminate waste and streamline the assessment process to help entire partner ecosystems effectively manage, monitor and mitigate risk. Based in Denver, CO, CyberGRX was designed with partners including ADP, Aetna, Blackstone and Mass Mutual, and is backed by Allegis Capital, Bessemer Venture Partners, Blackstone, ClearSky, GV (formerly Google Ventures), MassMutual Ventures, Rally Ventures and TenEleven Ventures. For more information, visit www.cybergrx.com or follow @CyberGRX on Twitter.

 

About BitSight
BitSight is transforming how companies manage information security risk with objective, verifiable and actionable Security Ratings. Founded in 2011, the company built its Security Ratings Platform to continuously analyze vast amounts of external data on security issues and behaviors in order to help organizations manage third party risk, underwrite cyber insurance policies, benchmark performance, conduct M&A due diligence and assess aggregate risk. Seven of the top 10 cyber insurers, 80 Fortune 500 companies, and 3 of the top 5 investment banks rely on BitSight to manage cyber risks. For more information, please visit www.bitsighttech.com, read our blog or follow @BitSight on Twitter.

Read More

Reddit Teams with Lucidworks to Build New Search Framework

  |   Allegis News, Portfolio News, The Latest

 

 

 

 

 

 

TechCrunch | By Ron Miller | September 7, 2017

 

Reddit revealed today that it has teamed with Lucidworks to provide a long-needed, modern search tool for the immensely popular online discussion platform.

 

When you face the kind of scale that Reddit does with over 300 million monthly active users generating 5 million comments and a staggering 40 million searches every day across a more than a million communities, it’s a daunting task to find a search tool to handle that kind of volume.

 

The challenge with Reddit extends beyond indexing these massive numbers. They also have to deal with wide variety of content with text, gifs, images and video by the score. While part of the goal was to improve traditional search functionality and deliver more relevant results, perhaps even more critically, they wanted a tool to help users surface the subjects that interest them without having to explicitly state it in the search box, Nick Caldwell, VP of engineering at Reddit explained.

 

“I think that people who come to any site, and Reddit in particular, prefer an experience where they don’t have to do manual keyword entry, but want a continuous stream of interesting content,” he said.

 

Reddit’s search engine had actually been notoriously bad and Caldwell made upgrading it a priority. “One of the things I wanted to do when I started at Reddit, was I wanted to fix [search]. People have been complaining about it for five years,” he said.

 

Part of the issue up to that point wasn’t a lack of desire to improve the search experience. Everyone understood the issue, but finding the time to update it was another matter. When Caldwell came on board, Reddit had a small team of 40 engineers, whose primary job was keeping a site of this size and scope up and running.

 

Caldwell said that the company went with the Lucidworks Fusion platform because it had the right combination of technology and the ability to augment his engineering team, while helping search to continually evolve on Reddit. Buying a tool was only part of the solution though. Reddit also needed to hire a group of engineers with what Caldwell called “world class search and relevance engineering expertise.” To that end, he has set up a 30-person engineering search team devoted to maximizing the potential of the new search platform.

 

Lucidworks is built on the open source search tool, Apache Solr, but company CEO Will Hayes says the commercial product has been built to scale to Reddit-like proportions. “Solr is the core engine. We still heavily contribute to the open source project, but we put a lot of focus on how people consume data,” Hayes explained.

 

The means working in a streaming fashion to span billions of records in near real time, while using analytics and machine learning to understand the underlying data and deliver more relevant results and content to Reddit users.

 

Today’s search update is part of Reddit’s wider campaign to update the site’s look and feel, which became an organizational priority after the site’s two founders returned to the company — with Alexis Ohanian coming back in 2014 and Steve Huffman in 2015.

 

“With Steve and Alexis coming back, they brought to table that the site should be more welcoming and engaging than it has been in the past. It took the leadership of Steve and Alexis to see that the content we have is really a gold mine, and we have to find a way to present it to users to unlock that potential,” he said.

 

While Lucidworks remains an active partner in the project, Caldwell hopes his team will be able to take over by the end of the year. He says the ultimate goal is a tool that is not only more relevant, but looks better and is more engaging.

 

Find article here: www.techcrunch.com

Read More

Forcepoint Acquires RedOwl, Extends Global Human-Centric Security Leadership

  |   Allegis News, Portfolio News, The Latest

 

 

 

 

 

 

PR Newswire | August 28, 2017

 

Integration of RedOwl UEBA with Forcepoint technology delivers holistic view of cyber behaviors to identify and address enterprise risk in real-time

 

AUSTIN, TexasAug. 28, 2017 /PRNewswire/ — Global cybersecurity leader Forcepoint today announced the acquisition of RedOwl, the leader in security analytics focused on helping customers understand and manage human risk. This latest milestone in Forcepoint’s strategy arms customers with cybersecurity systems designed for the reality of today’s threats.

 Forcepoint’s human point strategy views people – rather than technology infrastructure – as the focal point for cybersecurity. Cloud, mobility and ever-changing infrastructure makes the traditional perimeter a fallacy; by focusing on how, when, where and why people interact with critical data and IP, organizations can more effectively identify and address risk.

 

“The world has fundamentally changed and the way we think about security must change, as well. If the cybersecurity industry fails to put people at the center, it is certain to fall short in helping customers protect their most vital assets,” said Matthew P. Moynahan, chief executive officer of Forcepoint. “Forcepoint is absolutely committed to empowering customers with human-centric security systems, and RedOwl fits squarely into this promise.”

 

RedOwl’s user and entity behavior analytics (UEBA) technology is ideally suited for this human-first approach to addressing security and regulatory use cases. Since 2011, the company has focused specifically on delivering capabilities that provide visibility into the holistic activities of people, including cyber, physical and financial. Customers deploy these capabilities to analyze large amounts of complex data, assess high-risk events and behaviors, and enact centralized and supervisory oversight to satisfy both security and regulatory requirements.

 

“As I’ve watched Forcepoint’s story unfold, it is clear we share the view that a human-first approach must be the path to addressing cybersecurity and internal risk,” said Guy Filippelli, chief executive officer at RedOwl. “The opportunity to deliver a holistic solution around proactive human oversight is exciting; joining Forcepoint will accelerate our ability to deliver these important capabilities to our customers. We’re thrilled to become a part of the Forcepoint team.”

 

RedOwl brings a sophisticated analytics platform to Forcepoint’s human-centric cybersecurity system and will be integrated across the company’s portfolio, as well as with customers’ existing technologies (e.g., SIEM). This platform delivers real-time insight into anomalous interactions and access across people, data, devices and applications.  In addition, the combination of RedOwl’s, Forcepoint DLP and Forcepoint Insider Threat will provide the industry’s only comprehensive solution for understanding and responding to the behaviors and intent of people.

 

“Combining the deep collection capabilities of Forcepoint Insider Threat, the powerful analytics of RedOwl’s technology and the risk mitigation of DLP creates a system capable of protecting critical business data and IP like no other,” said Heath Thompson, senior vice president and general manager of the Data and Insider Threat Security business at Forcepoint. “Context is everything and we look forward to helping customers differentiate between carelessness, compromise and malice in the most efficient way possible.”

 

RedOwl technology and employees are joining the Forcepoint team as part of the Data and Insider Threat Security business reporting to Thompson.

 

Find Article Here: www.prnewswire.com

Read More

Dragos, a Global Industrial Control System Cybersecurity Startup, Raises $10 Million in Series A Venture Capital

  |   Allegis News, Portfolio News, Series A, The Latest

 

 

 

 

 

 

Funding Provided by Allegis Capital, Energy Impact Partners and DataTribe Dragos Is Building the First Industrial Cybersecurity Ecosystem

 

HANOVER, Maryland (August 14, 2017) — Dragos Inc., (pronounced Dray-gohs), an industrial control system (ICS) cybersecurity company made up of industry experts with the vision of securing global industrial infrastructure, announced today that it has received a $10 million Series A round of venture capital from co-lead investors Allegis Capital and Energy Impact Partners (EIP), with additional support from DataTribe, a cybersecurity startup studio that initially funded Dragos.

 

The Series A round will be used to increase the company’s workforce to meet rising customer demand, generated in part through key partnerships with Deloitte, the global audit and financial advisory services firm, and CrowdStrike Inc., a leader in cloud-delivered endpoint protection.

 

CRASHOVERRIDE AND DRAGOS REPORT

Dragos has attracted attention for recently producing a report on CRASHOVERRIDE, the malware used to temporarily interrupt power in the Ukraine in a widely publicized cyber-attack last December. CRASHOVERRIDE is the only known malware that disrupts the electrical grid and only the fourth known type of malware to be specifically tailored toward ICS overall.

 

Founded May 2016 and funded until this point with a seed round of $1.2 million from DataTribe, Dragos has built the first industrial cybersecurity ecosystem. This consists of three core offerings and an assessment tool – the Dragos Platform, the Dragos Threat Operations Center, Global ICS Intelligence, and CyberLens network assessment software. This combination gives customers access to technology to monitor and respond to threats in the ICS, along with intelligence to make informed decisions about threats. Services range from threat hunting to incident response, as well as lightweight software for routine assessments.

 

The company’s biggest technological differentiator is its behavioral analytics. Instead of “anomaly detection” and other types of machine learning-driven technologies that are hitting the market, the approach of Dragos is to codify human experience facing human adversaries. It identifies adversary tradecraft and turns it into behavioral analytics. As a result, defenders get context of what is going on and recommendations on what to do next, not merely a series of alerts.

 

“Dragos exists to safeguard civilization,” said Robert M. Lee, the CEO of Dragos.  “Critical infrastructure powers the global economy and the fabric of modern society. We all strongly believe that civilian infrastructure should be off limits to any adversaries, no matter where the infrastructure is located in the world.”

 

Dragos was founded by ICS cybersecurity experts Lee, Jon Lavender and Justin Cavinee, all veterans of the U.S. intelligence community. There they established a first-of-its-kind mission for the U.S. government to identify, analyze and respond to nation-states launching ICS-focused cyberattacks.

 

“Industrial control systems are unique unto themselves – hybrid digital and analog environments with very different operational temperaments,” said Bob Ackerman, the founder and a Managing Director of cybersecurity investment specialist Allegis Capital. “Unless you have lived your life in this environment, you can’t truly appreciate how different or complex ICS systems are.  With Dragos, we invested in the “A” team.”

 

“Protecting the integrity of the grid has always been a top priority for utility operators,” said Sameer Reddy, a Vice President at EIP and co-leader of the Series A financing. “One of the critical challenges is access to sufficient human capital. The Dragos platform, which is built and managed by true ICS cybersecurity experts, provides significant force multiplication to ICS operators around the world.”

 

“Energy is essential to our economy and way of life. As a result, energy infrastructure is increasingly a target,” said Thomas A. Fanning, Chairman, President and CEO of Southern Company. “As a founding investor in Energy Impact Partners, Southern Company is proud to support enhancing the resiliency of critical infrastructure, in order to better protect the communities where we live and serve.”

 

 

About Dragos Inc.

Dragos Inc., based in Hanover, Md., is the trusted authority on threats to industrial networks (ICS/IoT). The Dragos Platform is an on-premise or cloud-based security technology that continually and passively collects data to perform asset identification, detects cyber threats through industrial specific behavioral analytics, and enables better efficiency and effectiveness of security personnel through the codification of automated workflows, best practices and incident response procedures. The Dragos Platform is continually enhanced through the Dragos Threat Operations Center, a team of experts providing services that include incident response, threat hunting, and compromise assessments. Both are backed by Dragos Intelligence, which allows for the analysis of adversary intrusions and provides the industry with weekly threat intelligence reports and adds new behavioral analytics to the Dragos Platform. For more information, visit https://dragos.com.

 

About Allegis Capital 

Allegis Capital is a premier, early-stage venture firm that invests solely in cybersecurity and was the first venture fund to focus strictly on cyber. In addition to Dragos, current investments include Area 1 Security, Bracket Computing, Callsign, Cyber GRX, E8 Security, RedOwl, Shape Security, Signifyd, Synack, tCell.io and vArmour. Allegis is also a founding partner in DataTribe, a cybersecurity startup studio based in Fulton, Maryland. Allegis Capital is based in San Francisco. For more information, visit www.allegiscap.com or Twitter at @AllegisCapital.

 

About Energy Impact Partners

Energy Impact Partners is a collaborative strategic investment firm that invests in companies optimizing energy consumption and improving sustainable energy generation. Through close collaboration with its strategic investor base, EIP seeks to bring the best companies, buying power and vision in the industry to bear on the emerging energy landscape. EIP’s utility partners include Southern Company, National Grid, Xcel Energy, Ameren, Great Plains Energy, Fortis Inc., AGL, Avista, MGE Energy Inc., TEPCO, PTT Public Company Limited, OGE Energy Corp., TransCanada, and Alliant Energy. For more information, visit www.energyimpactpartners.com.

 

 

About DataTribe

DataTribe, based in Fulton, Maryland, and Silicon Valley, is a cybersecurity startup studio formed with the mission of combining breakthrough innovation in cybersecurity, Big Data and analytics. The technological base of its startups emerge from federal agencies, such as the National Security Agency, or from government research labs.  DataTribe draws upon Silicon Valley start-up expertise to help create, define and lead new market segments. As an operating company, it directly takes on the task of building startups from concept to initial customer deployments while significantly lowering risk and preserving returns. For more information, visit www.datatribe.com.

 

For media inquiries, contact Jennifer Jones at jennifer@jenniferjones.com.

Cell: 650-465-5831

 

 

 

 

 

 

 

 

 

 

 

Read More

Allegis and Accel partner for Callsign’s $35M Series A to Support Global Expansion

  |   Allegis News, Portfolio News, Series A, The Latest
  • Investment used to roll-out Callsign’s authentication platform to enterprises, financial institutions and consumer-facing digital services and to ramp-up hiring

 

  • Seasoned cybersecurity executive and Allegis Venture Partner David DeWalt joins the board as Vice Chairman along with Bob Ackerman Founder of Allegis Capital

 

San Francisco/London, July 27th, 2017: Callsign, the leading artificial intelligence-based authentication platform, has raised a $35 million Series A investment led by premier, early stage cyber security investor Allegis Capital and global venture capital firm Accel. Early-stage investor PTB Ventures and cybersecurity industry veteran David DeWalt’s NightDragon Security also participated in the round.

 

With the proliferation of data breaches, advanced threats resulting in stolen user credentials, there is increasing pressure on companies of all sizes around the world to implement better authentication practices. In 2015 alone, cybercrime cost businesses $500 billion, and this is estimated to rise four times to $2 trillion in 2019[1]. At the same time, companies want to minimize the friction that universal two-factor authentication introduces to the user experience.

 

In response, Callsign developed a deep learning-based authentication platform called Intelligence Driven Authentication™ (IDA). It enables enterprises to select the most secure and least invasive authentication journey for each user in real-time, based on his or her risk profile and tendencies – in other words, it adapts the type of authentication to the situation virtually eliminating advanced threats such as spear phishing. The result is an experience that optimises for both security and usability – a win-win for the enterprise and the end user.

 

Callsign’s IDA platform uniquely derives the complete intelligence picture around authentication and authorisation events, giving enterprises the ability to set adaptive policies that pinpoint suspicious usage. While Callsign can be can be deployed with out-of-the box mobile authenticators, it is a very open and flexible platform to which enterprises can easily plug-in existing authenticators or data sources. Callsign has also integrated with several Identity and Access Management providers, like ForgeRock, to provide a truly end-to-end solution.

 

Callsign was founded in 2012. Its clients are enterprises, financial institutions and consumer-facing digital services and include some of the world’s largest banks, such as Lloyds Bank and Deutsche Bank. It’s being deployed to hundreds of thousands of users globally.

 

Zia Hayat, Founder & CEO of Callsign, said: “Several years ago, I realized that the way we identify ourselves online was very broken. I knew we needed to make existing solutions like multi-factor authentication and fraud analytics better by bringing them together. Our IDA platform has had an incredible reception from financial institutions, governments and other large enterprises, and this investment will allow us to grow the business and meet some of the strong demand we’re seeing.”

 

DeWalt, a Venture Partner with Allegis Capital and formerly President and CEO of McAfee and CEO and Executive Chairman of FireEye, will join the board of directors as Vice Chairman. DeWalt brings more than 25 years of experience in the cybersecurity sector, and is widely recognized as one of the industry’s most successful executives. He currently holds a number of board positions at leading cybersecurity companies, including Vice Chairman of ForgeRock and Vice Chairman of ForeScout Technologies, among others.

 

DeWalt said: “Zia and his exceptional product and engineering team have built the foundations of a very solid business. They are pioneering a new approach to authentication with a powerful product that is quickly attracting some of the world’s leading businesses as customers. As the company rolls out its solution, it’s an exciting time to be joining the board.”

 

The new investment will help accelerate the growth of the company. Callsign will be expanding globally from its headquarters in London, with a particular focus on the US and Far East, and is planning to open offices in both the Bay Area and New York City in the next few months. Callsign will be building out its engineering and commercial teams as well, including sales, marketing and business development roles.

 

Bob Ackerman, Allegis founder and Managing Director will also be joining the Board.  Ackerman said, “authentication of identities has become a core pillar in enterprise cyber security. Callsign’s IDA represents a breakthrough in meeting levels of identify assurance that are essential to enterprise operations without compromising the effectiveness and efficiency of digital business platforms. Callsign is leading the industry in delivering identify assurance without compromise,” Ackerman added.

 

Harry Nelis of Accel and Dave Fields from PTB Ventures are also joining the Callsign board of directors.

 

About Callsign Inc.

Callsign is the leading artificial intelligence-based authentication platform for enterprises, financial institutions and consumer-facing digital services. Its unique Intelligence Driven Authentication™ (IDA) solution enables more informed and truly adaptive access control decisions, putting enterprises and their users back in control. This creates frictionless access for users, whilst reducing false rejection rates and increasing security as well as operational agility.

 

Callsign serves Tier 1 banking clients, government bodies and enterprises throughout Europe and the US. Their IDA technology puts enterprises and users back in complete control. For additional information please visit callsign.com

 

About Allegis Capital

Allegis Capital is a premier, early-stage venture firm that invests solely in cybersecurity and was the first venture fund to focus strictly on cyber. In addition to Callsign, current investments include Area 1, Bracket Computing, Cyber GRX, E8 Security, RedOwl, Shape Security, Signifyd, Synack, tCell.io and vArmour. Allegis is also a founding partner in cyber Start-Up Studio, DataTribe, based in Columbia, Maryland. Allegis Capital is based in San Francisco Ca.

 

 

About Accel

Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, BlaBlaCar, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Forescout, ForgeRock, Funding Circle, Kayak, QlikTech, Slack, Spotify, Supercell and WorldRemit are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.

 

About PTB

PTB Ventures is a thesis-driven venture capital firm investing in early-stage companies in the emerging digital identity ecosystem. Digital identity is the cornerstone of a transformation that will see trillions of networked devices connected to billions of humans. This transformation will create unprecedented economic expansion and a new level of security and access to billions of people. PTB is headquartered in New York City.

 

 

[1] https://www.juniperresearch.com/press/press-releases/cybercrime-cost-businesses-over-2trillion

Read More

Meet the 2017 CNBC Disruptor 50 companies

  |   Portfolio News, The Latest

Tuesday, 16 May 2017 | 6:00 AM ET

 

In the fifth annual Disruptor 50 list, CNBC features private companies in a range of industries — from biotech and machine learning to transportation and retail — whose innovations are changing the world. These forward-thinking starts-ups have identified unexploited niches in the marketplace that have the potential to become billion-dollar businesses, and they rushed to fill them. A startling 31 are unicorns that have already reached or passed the billion-dollar mark. In the process, they are creating new ecosystems for their products and services. Unseating corporate giants is no easy feat. But we ranked those venture capital–backed companies doing the best job. In aggregate, these 50 companies have raised nearly $44 billion in venture capital at an implied Disruptor 50 list market valuation of about $239 billion, according to PitchBook data. Already it’s hard to think of the world without them. Read more about the consumer and business trends that stand out in the 2017 list ranking and the methodology used to select this year’s Disruptor companies.

1 Airbnb It’s a $31 billion trip
2 Lyft The car-ownership killer with a conscience
3 WeWork Reworking the office
4 Grab Uber-growth for an Asian ride-share rival
5 Uptake Technologies Capturing Warren Buffett’s billionaire energy
6 Houzz The homiest e-catalog
7 Ginkgo Bioworks Growing products in the lab
8 Palantir Technologies Tracking the world’s secrets
9 Cylance Making cyberthreats idle
10 Udacity Closing the skills gap
11 CrowdStrike Going into the breach
12 23andMe Bring your genome home
13 Progyny Rocking the cradle
14 SpaceX Humanity’s interstellar escape plan
15 SurveyMonkey Question everything
16 Ezetap India’s answer to Apple Pay
17 GreenSky A credit to the mobile race
18 Moderna Therapeutics Going viral
19 Uber The car controversy with a valuation bigger than Tesla, GM or Ford
20 SparkCognition Deciphering the data overload
21 IEX The traders Michael Lewis made famous in a flash
22 GitHub The biggest coding party in the world
23 Bloom Energy Helping companies like Apple get off the grid
24 Drawbridge An ad strategy Facebook and Google can’t ignore
25 Jaunt VR that both Disney and Paul McCartney have experience in
26 Coursera Go to a top school, without going
27 MongoDB The BIG idea in databases
28 Qualtrics Surveying the corporate landscape
29 Domo Complete cloud cover
30 Blippar You, augmented
31 Pinterest An image is worth $11 billion
32 Illumio A new segment in cybersecurity
33 Phononic Quietly cool
34 Veniam Constructing the global superhighway of data
35 Spotify Not even Apple Music has slowed it
36 Dropbox The file-sharing economy
37 Trulioo Tracks twice as many people as Facebook: 4 billion, exactly
38 Synack Who the IRS and DoD use against hackers
39 DocuSign Signed, sealed, electronically delivered
40 Payoneer Payments without borders
41 Skillz A sport to surpass the NFL, with less injury risk
42 Blue Apron What’s for dinner
43 Robinhood There is no brokerage fee low enough
44 Zocdoc Real patient-centered health care
45 SoFi $18 billion in loans and counting
46 Foursquare A success story turned inside out
47 Warby Parker Still seeing things in new ways
48 Persado A motivational speaker that’s not human
49 Stripe Visa is banking on this platform
50 Quid The ultimate trendspotter

Find article here: www.cnbc.com

Read More

Unstructured-data search giant Lucidworks makes its first acquisition

  |   Portfolio News, The Latest

lucidworks

In addition to helping organizations make their unstructured-data troves searchable, Lucidworks Inc. now wants to provide the tools for visualizing them.

 

The company set its plan in motion today by acquiring Twigkit Ltd, a British provider of dashboarding software that boasts clients such as General Electric Co., Toyota Motor Corp. and Thomson Reuters Corp. Its product lineup consists of seven integrated development modules that provide the ability to build a customized visual frontend for interacting with a dataset.

 

A car maker such as Toyota, for instance, could employ Twigkit’s toolkit to aggregate technical documents from its various systems in a central portal where they may be easily accessed by engineers. Analytics teams in turn can use the software for various business intelligence activities. The company said its modules provide the ability to create a wide variety of graphs ranging from standard bar charts to heat maps depicting complex geospatial information.

Moreover, Twigkit provides the ability to do so with considerably less effort than traditional data visualization products. Grant Ingersoll, the chief technology officer of Lucidworks, indicated in a blog post that the toolkit’s ease of use was one of the main motivations behind the acquisition. He highlighted how the software enabled his team to build a financial news application with Thomson Reports in four days when previous attempts took three weeks.

Another big advantage of the Twigkit software is that it can handle data managed by Lucidworks’ Fusion search platform, which should help the acquisition go smoothly from a technical standpoint. Igersoll wrote that his company will work to “more tightly integrate the two applications together” and add new features over the coming months. Twigkit Chief Executive Stefan Olafsson is joining Lucidworks as chief strategy officer to help with the effort, along with Chief Technology Officer Bjarki Holm, who will assume the title of vice president of solutions.

The financial terms of the deal were not disclosed.

Read More

Signifyd raises $56 million for e-commerce fraud protection

  |   Allegis News, Portfolio News, The Latest

 

 

 

 

 

 

 

TechCrunch | Katie Roof | May 4th 2017

 

E-commerce fraud is a growing problem, but Signifyd thinks it has a solution to save businesses money.

Their company is growing fast and has closed a $56 million Series C investment led by Bain Capital Ventures. Menlo Ventures and American Express also participated in the round.

Signifyd counts big clients like Jet.com, Peet’s Coffee and Lacoste, where it uses its pattern recognition technology to warn them upfront about potential fraudulent charges. Signifyd is so confident in its assessments that it offers the companies a guarantee, so they don’t have to pay for errors.

The product “protects the merchants so they don’t have to bear the liability,” said co-founder and CEO Rajesh Ramanand. The team has been developing a “machine learning platform that makes these decision in real-time.”

E-commerce brands spend a lot of money paying back credit card companies after processing transactions that are criminal. That’s why 5,000 businesses are now paying for Signifyd’s technology — because its early warning system eliminates these frustrating reimbursement costs, known as “chargebacks.” 

Indy Guha, partner at Bain Capital Ventures said he invested in the company because his research shows that “fraud is growing faster than overall e-commerce growth.” He feels that “Signifyd is a really easy piece of insurance to turn on.”

Investors have been throwing a lot of money at Signifyd. In addition to the latest sizable round, Signifyd raised two rounds last year, totaling $39 million.

Ramanand says they are going to use the money to double their engineering headcount and continue to improve their machine learning platform. They also want to expand internationally, particularly in Europe and Australia.

The company has about 130 employees and is based in San Jose, California.

Read More

CyberGRX Closes $20M Series B Funding to Accelerate Growth of World’s First Third-Party Cyber Risk Exchange

  |   Portfolio News, The Latest

 

Bessemer Venture Partners Leads Series B Round with Participation from Existing Investors; Funding Comes on Heels of Launch of CyberGRX Exchange

 

Business Wire | April 18, 2017 | 8am ET

 

DENVER – April 18, 2017 – CyberGRX, the provider of the most comprehensive third-party cyber risk management platform, today announced that it has raised $20 million in Series B funding led by Bessemer Venture Partners (BVP). CyberGRX’s existing investors also participated in the round, including Aetna Ventures, Allegis Capital, ClearSky, GV (formerly Google Ventures), MassMutual Ventures, Rally Ventures, TenEleven Ventures and several other strategic investors. CyberGRX will use the funding to accelerate adoption of the CyberGRX Exchange, the world’s first global third-party cyber risk management (TPCRM) exchange.

As enterprises’ digital ecosystems grow and become increasingly interconnected, the volume and complexity of security and resiliency risks from third parties, including contractors, vendors, partners and customers, only grows. According to PwC’s 2016 Global State of Information Security report, third-party contractors are the biggest source of security incidents outside of a company’s employees. At the same time, the third-party cyber risk management process is largely driven by sharing spreadsheets and trusting unvalidated assessments. Built in partnership with the chief security and risk officers from some of the world’s largest companies, including Aetna, ADP and MassMutual, the CyberGRX Exchange brings massive efficiency to this process while providing boardroom-level information about real-time cyber risk exposure across an enterprise’s entire ecosystem of third parties.

“For an enterprise today, managing cyber risk requires visibility into the extended network of vendors who store information about us,” said David Cowan, the BVP partner joining CyberGRX’s board of directors. “The CISO’s we surveyed overwhelmingly look to CyberGRX to help them identify, assess and remediate cyber risks in their extended networks.”

Launched in March 2017, the CyberGRX Exchange is designed to make it simple and cost effective for enterprises to get up-to-date, comprehensive, one-click access to their third parties’ cyber risk assessments. It is purpose-built to transform companies’ third-party cyber risk management processes from a compliance-based to a risk management-based approach. For third parties, the CyberGRX Exchange is designed to make it easy to complete one updated cyber risk assessment and share it with their many upstream partners. The CyberGRX Exchange delivers standardized assessments, actionable analytics, remediation management and real-time threat intelligence updates to enterprises and their third parties, enabling them to mitigate risk, reduce costs and manage process complexity.

“There’s a simple question at the heart of third-party cyber risk: which vendors, partners, suppliers or contractors pose the biggest threat to my organization?” said Fred Kneip, CyberGRX CEO. “The answer isn’t usually as simple because it’s constantly changing. We’ve developed the world’s first and only global third-party cyber risk exchange, which will continuously answer that question and provide actionable recommendations and the tools for companies to effectively manage that risk.  This capital from Bessemer Venture Partners and our existing investors will help us scale the business around the CyberGRX Exchange to meet growing demand from enterprises and third parties who’ve grown tired of the status quo. The relationships we have with key investors, customers and design partners puts CyberGRX in the pole position to be the new industry standard for third-party cyber risk management.”

Founded by former CISO’s and risk officers and backed by world-class investors, CyberGRX partners with some of the most trusted names and brands in cybersecurity. With this investment, David Cowan joins the CyberGRX board of directors. Also forming part of the board are: Bob Ackerman, founder and managing director at Allegis Capital; Jay Leek, managing director at ClearSky; Mark Hatfield, founder and general partner at TenEleven Ventures; Stuart McClure, CEO at Cylance and Fred Kneip, CEO at CyberGRX.   

For more information on CyberGRX or to join the CyberGRX Exchange, please visit https://www.cybergrx.com/.

About CyberGRX 

CyberGRX provides the most comprehensive third-party cyber risk management platform to cost-effectively identify, assess, mitigate and monitor an enterprise’s risk exposure across its entire partner ecosystem. Through automation and advanced analytics, the CyberGRX solution enables enterprises to collaboratively mitigate threats presented from their increasing interdependency on vendors, partners and customers. Based in Denver, CO, CyberGRX is backed by Allegis Capital, Bessemer Venture Partners, Blackstone, ClearSky, GV (formerly Google Ventures), MassMutual Ventures, Rally Ventures, TenEleven Ventures and several other strategic investors. For more information, visit www.cybergrx.com or follow @CyberGRX1 on Twitter.

 

Contact:

 

Ted Weismann

fama PR for CyberGRX

(617) 986-5009

CyberGRX@famapr.com

 

 

Read More

Security startup Synack scores $21M investment from Microsoft, HPE and Singtel

  |   Portfolio News, The Latest

 

 

 

Synack, a startup that combines software security tools with a network of white-hat hackers to help keep its customers secure, announced a $21.25 million Series C funding round today.

 

The round was led by Microsoft Ventures with participation from Hewlett Packard Enterprise and Singtel Innov8. Previous investors GGV Capital, GV (formerly Google Ventures) and Kleiner Perkins Caufield & Byers also participated. Today’s investment brings the total raised to $55 million, according to the company.

It’s hard not to notice that is an impressive combination of company and traditional venture capital attention.

Perhaps that’s because Synack takes an unusual approach to enterprise security, going on offense instead of defense, according to company CTO Mark Kuhr. He and his co-founder CEO Jay Kaplan might know a thing or two about going on offense, having previously worked for the NSA before starting Synack in 2013.

Kuhr says they decided to start the company when they saw the defensive tactics companies were using simply weren’t working — as Sony, JP Morgan Chase, OPM, Ashley Madison, Adobe, Target and many others can attest.

“Jay Kaplan and I left the NSA to come up with a different way for offensive security for the enterprise. We noticed at NSA that hackers were coming through all the defenses, taking data and putting malware on the systems,” he said.

Kuhr say his company uses a three-pronged strategy to help protect systems and IP — Command, control and action. “We couple the human element with machines. It’s a man and machine story. We bring in people when we need to,” he said.

In fact the command piece starts with a community of several hundred white-hat hackers from around the world whom the company has vetted to be sure they are ethical and pass a background check.

The control piece is their penetration testing service, which looks for vulnerabilities in an automated way. The action is the plan they come up with to help protect the system once they find a problem. For instance, if they find an open back door in the code, they would recommend that the client close it up.

Photo: Synack

Kuhr says it’s similar to the strategy they employed at the NSA where they went on offense, getting in the shoes of the adversary and trying to understand what they were doing. But he understands that most private companies don’t have access to the talent they had at the NSA. That’s why they are trying to package that kind of support and protection as a service.

They work on a flat-fee subscription model, running the automated systems and bringing in a team of expert hackers when necessary to root out vulnerabilities. While the friendly hacker approach sounds a lot like the HackerOne strategy, Kuhr says the difference is that HackerOne uses an open model and his company a private one.

The company has around 100 employees plus the network of hackers. That will probably increase this year with the new funding as they look to expand into new markets in Europe and Asia. Currently, they have 100 customers mostly in the enterprise. Kuhr says company revenue has been doubling every year and today’s investment is about keeping that momentum going.

Find more here: www.techcrunch.com

Read More