Redacted steps out of stealth with $ 60 million in funding and a new take on cybercrime – TechCrunch
The cybersecurity industry has no shortage of technologies to combat network intruders, application corrupters, email hackers and other cybercriminals. Today, a startup called Redacted stealthily comes out with a different approach to tackling this malicious activity: it applies threat intelligence, then proactively attacks hackers to recover lost data and disrupt their business by announcing funding to grow their business. And in parallel with its public launch, Redacted announces funding of $ 35 million to develop its activities.
Series B is led by Ten Eleven Ventures, with participation from Valor Equity Partners and SVB Capital. (Ten Eleven is a cybersecurity VC who has supported a number of other startups.) He brings the total raised by Redacted – which he specifically qualifies “[redacted]â¦ In brackets – to $ 60 million, including previous funding of $ 25 million.
It’s always interesting when a startup comes out of nowhere with substantial support from VC, but it’s almost always because that startup has an interesting pedigree, and it does here. The company is headed by Max Kelly, who was previously head of security at Facebook and previously held positions with the National Security Agency and the US Cyber ââCommand. Its co-founder, John Hering, was the founder and CEO of cybersecurity firm Lookout. The startup is populated by a larger team who she says likes to say they have âover 300 years of combined experienceâ in cyber defense with experience at Facebook, Amazon, NASA JPL, Symantec, Cisco, FBI , CIA, NSA, DIA, Army, Air Force, Navy, US Marine Corps, US Cyber ââCommand, UK GCHQ.
I had heard of the company before – it works with another cyber startup that I covered called Cado, which provides cyber forensics tools to Redacted (among others) – but when I mentioned that j ‘had heard of the company before, they suggested it was because I had covered Ocado and its entry into the US market, so while Redacted isn’t particularly open about its customers, I guess this grocery giant could be one of them.
The heart of what Redacted does comes from the first-hand experience Kelly said he had working at Facebook, where he both built insider threat response tools, but also worked with third-party vendors to secure them. systems, employees and users of the social networking giant. .
âOne of the main goals of the industry over the past 10 years has been to prevent violation,â Kelly said. âBut it has always been a lie. There is nothing you can do to prevent a violation. It is not a question of preventing the breach but the damage which results from it. Make sure people can’t get data, and if they do, make sure you can get it back. “
There was also the question of the size of Facebook itself.
âWe couldn’t buy any security tools that worked because of the size of the company,â he said. “So we thought about it and decided that the best approach would be to ask who was doing this, to get them to stop.”
In an environment where cybercrime has taken on the profile of some of the most advanced technological innovations, with both bad actors and security applications and services relying on artificial intelligence and automation to do their jobs, it seems almost too human an approach. But from how Kelly describes it, it seems there is a very human face to cybercrime, and just identifying the bad actors can set them back.
It is also a highly technical operation: the startup has also built tools, with some of its own technologies and relying on technologies built by others, to find models in the work of cybercriminals and ultimately follow them up. ‘to where they are.
âIf they’re in a place where they can be hit by law enforcement, that can be used to get them to stop,â he said. “But if not, it’s just the awareness that they’ve been seen and that usually causes them to back off.”
The mix of what Redacted has built to date, he says, is aimed at smaller, medium, and slightly larger businesses, especially those who aren’t able to build tools like this on their own.
The name, meanwhile, says a lot about the agile approach, but also very targeted, that the startup adopts. This comes from a time when the company had yet to come up with a name for itself but was already operating commercially in stealth mode (which is actually very standard among cybersecurity startups, I found, who don’t want to not really much attention for obvious reasons).
âWe used it as a placeholder, but I found, speaking to people, that they were using the name ‘redacted’ when referring to us,â Kelly said. He searched for redacted.com and saw that it was available. âIt was the universe telling me to use the name,â he said with a small smile.
“With the most advanced prosecution capabilities in the industry, Redaced has the power to teach attackers that companies will hold them accountable for attacks,” Alex Doll, Founder and CEO of Ten Eleven Ventures, said in a statement. . âExpunged’s native cloud security platform also enables them to protect and defend businesses that run their operations in a modern cloud architecture. Together, these features enable [redacted] to deliver the most holistic and proactive security solution for businesses in today’s high threat environment. Doll joins the board with this trick.