News
RevealSecurity Raises $23M to Detect Malicious Activities in Enterprise Applications
June 2022 by Patrick LEBRETON
RevealSecurity, the leader of Application Detection and Response, is excited today to announce 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.
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.
