Social SafeGuard, a provider of software for digital risk protection, has raised $11m in new funding.
The Series B funding, which came from AllegisCyber and NightDragon Security, will expand its platform and go-to-market activity to help businesses stop the spread of fake accounts, fake news, brand impersonation, social phishing, malware, spam and other threats across digital and social channels.
“As one of the few dedicated cybersecurity venture firms, we know how big this challenge has become for today’s security executives,” said Spencer Tall, managing director of AllegisCyber. “This is no longer a fringe need that can be ignored or deferred. Digital risk protection should be on the shortlist of corporate security priorities for the next decade.”
As part of this funding announcement, Tall will now join the Social SafeGuard board, which also includes Dave DeWalt, founder of NightDragon and managing director at AllegisCyber.
Social SafeGuard was founded in 2014 and provides cloud-based software to manage the full life cycle of digital risk protection, so enterprises can detect, analyse and prevent attacks in real time all while automating governance and compliance. The Social SafeGuard platform helps security, risk, compliance and brand leaders protect their company’s presence across more than 50 digital and social channels.
These include external social platforms, such as Facebook and Twitter, mobile chat platform, unified communications platforms, cloud applications, Internal collaboration platforms, news sites and dark web threats.
“We are incredibly excited to work with Dave DeWalt and Spencer Tall to take Social SafeGuard to the next level,” said Otavio Freire, president and chief technology officer of Social SafeGuard. “Our platform is already analysing millions of data points from digital and social channels, and using machine learning algorithms to look for anomalies that indicate malicious activity. The news regarding online risks continues to be fast and furious – from Cambridge Analytica to Twitter takeovers to cloud break-ins – all of which serve as cautionary tales to the level of exposure, risk and protection needed as we build a ‘new’ perimeter for companies.”
AllegisCyber focuses on early-stage cybersecurity investments. Its portfolio includes Area 1, Dragos, Lucidworks, Moki, Signifyd, Redowl, cybGRX, and Synack, among others.
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