Cyber security-focused company Cybereason has secured $4.6 million from Charles River Ventures or CRV for its Series A round, TechCrunch reported. This is the external financing received by the startup established by a team of former intelligence agency members in Israel which also commercially launched today.
In a statement about the financing, CRV Partner Izhar Armony said, "The Cybereason team brings a unique approach and fresh insights to a market that today doesn't have effective solutions and where the damage is measured in many billions of dollars."
Cybereason was self-funded before this round. Cybereason Vice President Mark Taber told TechCrunch that proceeds of the funds will be deployed to develop the platform further and bring the technology to market. Before its commercial launch, the company has been operating in stealth mode since it was founded in 2012, working and refining its approach with 15 beta users, the report said.
Cybereason approaches security breaches differently than its competitors. It works under the assumption that security breaches are to be expected and enterprises should accept this fact. In order for them to have a better chance at really preventing serious cyber breaches, they should bolster their monitoring and detection efforts, the report said.
The Cybereason platform uses profiling and big data analysis in order to detect hacker traces autonomously so that enterprises don't need to have experienced security analysts on board. For enterprises that do not have the knowledge of a specialist security analyst, Cybereason simplifies the process further for enterprises because of the visualization infographics feature in its platform that showcases the course of attacks, the report said.
Taber told TechCrunch, "All of this is really complicated. Most companies doesn't have the sophisticated security people that are going to be able to know the right questions to ask of all of this evidence, and everything that we're collecting, so a big part of what we do is we then visualize these malicious operations to make it really easy to understand what is happening."
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