News
RevealSecurity Raises $23M to Detect Malicious Activities in Enterprise Applications
June 2022 by Marc Jacob
RevealSecurity announced a $23M Series A funding round. RevealSecurity protects organizations against malicious activities executed by insiders and imposters in enterprise applications. The funding will be dedicated to accelerating RevealSecurity’s global expansion and product development and is led by SYN ventures, with participation from Hanaco Ventures, SilverTech Ventures and World Trade Ventures.
The market-wide shift for business-critical functions from on-prem to SaaS and the cloud has expanded the attack surface for malicious activities by imposters and trusted users. This trend has resulted in a greater need for solutions that monitor user activities accurately, to detect business process attacks in a way that scales across multiple different types of applications.
Current detection solutions of malicious activities in the application layer are based on rules which are defined by log events and generated by specific applications. However, rule-based solutions detect only known attack patterns, and they generate a high number of false alerts, requiring constant investment and maintenance.
RevealSecurity’s detection solution is application agnostic, analyzing user journeys in and between different applications - SaaS, cloud and custom-built applications. The company developed an unsupervised patent pending machine learning algorithm to analyze event logs and detect suspicious user journeys. Founded in January 2021, RevealSecurity has demonstrated hyper-growth in the past year, expanding its international customer base in the banking, insurance, healthcare and utility sectors.
"The perpetual challenge in cybersecurity is finding the needle in a haystack - those singular bad events among the billions of records that are generated in the format of event logs. This requires breakthrough technology," says Patrick Heim, Managing Partner at SYN Ventures. "The invention of RevealSecurity’s new clustering algorithm and the ability to accurately identify breaches with a great signal-to-noise ratio is revolutionary. It’s very exciting to us as investors and security professionals." (see additional quote in video: https://www.youtube.com/watch?v=y6MQ-bQVDWg).
RevealSecurity’s advisory board includes a stellar team of experienced international CISOs: Charles Blauner (Citi, Deutsche Bank, JP Morgan), Ronit Gindes (Migdal Insurance), Jim Routh (MassMutual, CVS Health, Aetna), Bonnie Stith (Central Intelligence) and Sounil Yu (Bank of America). As part of this round, Patrick Heim, Managing Partner at SYN Ventures, will join RevealSecurity’s Board of Directors together with Jim Pflaging, who joins as an independent board member.
