Area 1 Security, a stealth cybersecurity company dedicated to eliminating targeted phishing and malicious social engineering attacks, today announced it has raised $15 million in a Series B funding round in recognition of significant product and customer momentum. The latest round brings Area 1 Security's total funding amount to $25.5 million and is led by Joe Horowitz at Icon Ventures and Ted Schlein at Kleiner Perkins Caufield & Byers (KPCB).
'The security industry is passive and forensics oriented, leaving companies without opportunities to protect themselves,' said Joe Horowitz, Managing General Partner, Icon Ventures. 'Overwhelmingly, the root cause of attacks begins with socially engineered phishing. Area 1 Security uniquely identifies these threats prior to breach, but more importantly, gives enterprises a new way to change outcomes.'
Industry estimates indicate upwards of ninety percent of all cyber attacks, including recent high-profile attacks against OPM (Office of Personnel Management) and Sony, begin with phishing. Yet it can take companies as long as a year until they learn about the attack, at which point the damage to their business and their brand is already done. Area 1 Security has had success detecting and preventing these kinds of attacks.
With the addition of Joe Horowitz to the board, along with industry veterans Ted Schlein & Derek Smith, the company is well positioned to deliver its novel technology to actively identify and prevent advanced socially-engineered malicious attacks before they impact enterprise networks. In addition to KPCB & Icon Ventures, previous investors in Area 1 Security have again invested in the company's Series B round, including Allegis Capital, Cowboy Ventures; Data Collective (DCVC); First Round Capital; RedSeal Networks CEO and former Venrock partner Ray Rothrock; and Shape Security CEO Derek Smith.
'Malicious phishing attacks remain the top concern for enterprise security teams today, due in large part to their effectiveness,' said Ted Schlein, general partner, KPCB and Area 1 Security board member. 'I'm thrilled to be part of a company that's combating cyber attacks in an entirely new way. The team at Area 1 Security have extensive experience and a solid business model. They bring a unique advantage to the market that will help businesses tackle this problem effectively.'
Area 1 Security will use the capital to advance product development and marketing efforts and expand the company's proprietary technology, which identifies and disrupts the delivery of malicious phishing and other targeted social engineering attacks in the wild.
To learn more, visit www.Area1Security.com
About Area 1 Security
Based in Redwood City, CA, Area 1 Security is developing a product focused on eliminating targeted, socially engineered cyber attacks. Founded by security experts from NSA and MIT, and data analytics specialists from NSA and Disney, the stealth mode startup has raised $25.5 million in total funding to date. Investors include Ted Schlein at Kleiner Perkins Caufield & Byers, Allegis Capital, Cowboy Ventures; Data Collective (DCVC); First Round Capital; RedSeal Networks CEO and former Venrock partner Ray Rothrock; and Shape Security CEO Derek Smith.
About Icon Ventures (formerly Jafco Ventures)
Based in Palo Alto, California, Icon Ventures is a technology venture capital firm specializing in mid-stage investing in companies with great entrepreneurs, compelling business models and strong momentum in their respective markets. Icon Ventures has had the privilege to invest in market-leading companies such as Aster Data, ClairMail, FireEye, 41st Parameter, Infinera, MoPub, Palo Alto Networks, Proofpoint and Teladoc. For more information about Icon Ventures visit http://www.iconventures.com/.
About Kleiner Perkins Caufield & Byers (KPCB)
Kleiner Perkins Caufield & Byers (KPCB) partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. The firm has helped build pioneering companies like Amazon, Electronic Arts, Genentech, Google, Nest, Netscape, and Twitter. KPCB offers entrepreneurs years of operating experience, puts them at the center of a vast and influential network, and accelerates their success through expertise and support in recruiting, product design and delivery, business development, strategic partnerships, and brand building. KPCB invests in all stages from seed and incubation to growth companies and operates from offices in Menlo Park, San Francisco, Shanghai, and Beijing.