Email security company Abnormal Security has reached a $4bn valuation in just four years, following the close of its $210m Series C round.
Global software investor Insight Partners served as the lead backer, with commitments also coming from Greylock Partners and Menlo Ventures.
Abnormal has had a stellar year for growth, culminating in tripled annual recurring revenue, and doubled employee headcount.
It claims the shift towards a hybrid working model has caused security leaders to rethink their cybersecurity strategies. As email attacks become more sophisticated and business email compromise losses amounting to around $2.4bn in 2021 – according to the Federal Bureau of Investigation Internet Crime Report 2021 – demand has increased for Abnormal.
The CyberTech company offers cloud-native email security that utilises AI-based behavioural data science to prevent socially engineered and never-seen-before email attacks that evade traditional secure email gateways, it claims.
Its technology can protect against business email compromise, phishing, malware, ransomware, social engineering, spam and graymail, supply chain compromise, and internal account compromise.
Abnormal plans to expand its products across multiple countries and languages, as well as launch new solutions.
The CyberTech company claims to protect over 5% of the Fortune 1000, as well as companies including, Urban Outfitters, Groupon, Royal Caribbean International and Auto Club Group-AAA.
Insight Partners co-founder and managing director Jeff Horing, said, “It is clear that a new breed of cybersecurity solutions that leverage AI is required to change the game and stop the rising threat of sophisticated and targeted email attacks.
“There is simply too much data for humans to analyze and determine what’s real and what’s a threat. We invested in Abnormal because it is uniquely positioned to protect organizations’ email in the cloud with its AI-driven approach. Secure email gateways can no longer reliably secure email, with many organizations having moved to the cloud and modern attacks successfully evading them. What worked 20 years, or even 10 years ago, is no longer applicable.”
The CyberTech company raised $40m in its Series B funding round in late 2020 and its $24m Series A in late 2019.
Copyright © 2022 FinTech Global