SlashNext, a SaaS-based spear-phishing and human hacking defense platform, has announced that it raised $26 million in Series B venture capital funding. With new investors Tom and Matt Gallo, Telia Group, and the ACTIVE Fund of the Ayala group, and participation from early investors Norwest, Wing, and Alter Ventures, the round brings SlashNext’s total funding to $43 million. Thomas Gallo also joins the SlashNext board of directors.
“When cybercriminals launch successful multi-channel phishing and social engineering attacks, the results are massively disruptive to people, organizations, and the economy,” said Patrick Harr, SlashNext CEO. “This is the number one cyber challenge that organizations face globally, and bad actors are only increasing their attacks in Linkedin, MS Teams, Messenger and Slack and becoming more sophisticated at taking advantage of the most vulnerable part of organizations – its people. This is why we saw considerable growth this past year with over 600% increase in customers and a 750% growth in ARR since the introduction of our multi-channel AI defense service.”
“The many recent headlines about ransomware attacks continue to confirm that no industry is immune to cybercriminal spear phishing attacks and the results of a successful attack are incredibly disruptive to operations,” said Thomas Gallo. “We consider these threats daily in all our operations – from transportation to production to growth. Our strategic investment in SlashNext strengthens our defenses, and we are excited to partner with them to grow and innovate to stop this multi-billion-dollar cybersecurity problem.”
“Unlike in the past, where cybersecurity breaches mainly focused on email through business devices, attacks now occur on different applications installed on endpoint devices like mobile phones and tablets, which can be personal and less protected,” said Minette Navarrete, President of Kickstart Ventures. “The ACTIVE Fund investment in SlashNext recognizes the evolving nature of communication for work and life – data-driven and digital, collaborative, and accessible anywhere any time and on any device. SlashNext’s superior technology will fortify enterprises’ defenses, allowing them to operate with speed, scale, and security, protecting both their customers and their shareholders. We’re keen to support SlashNext’s mission to stop this global problem.”
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