Funding will accelerate the company’s mission to protect the world’s 4B Internet users from all forms of phishing – the number one, multi-billion-dollar cybersecurity threat to organizations and consumers
SlashNext, the leader in SaaS-based spear-phishing and human hacking defense across digital channels and apps, today announced it raised $26 million in Series B venture capital funding. With new investors Tom and Matt Gallo, Telia Group, and the ACTIVE Fund of the Ayala group, and participation from early investors Norwest, Wing, and Alter Ventures, the round brings SlashNext’s total funding to $43 million. Thomas Gallo also joins the SlashNext board of directors.
Ninety-one percent of all successful cyber breaches start with spear phishing – including ransomware, data theft, and over $30B of financial fraud.1 Further, according to Verizon, 85% of successful attacks involved some form of human interaction2, with 39% happening outside of corporate email in mobile, text, web and frequently on personal, non-office-issued devices. SlashNext’s patented cloud and on-device AI goes beyond email protection, and stops spear phishing, social engineering, and other targeted human threats across popular communication channels and collaboration apps. With its pinpoint accuracy and 48-hour time to detection advantage, only SlashNext protects organizations from these malicious user threats launched from legitimate, trusted sites that easily evade current SEG, proxy, SASE, and endpoint security tools.
“When cybercriminals launch successful multi-channel phishing and social engineering attacks, the results are massively disruptive to people, organizations, and the economy,” said Patrick Harr, SlashNext CEO. “This is the number one cyber challenge that organizations face globally, and bad actors are only increasing their attacks in Linkedin, MS Teams, Messenger and Slack and becoming more sophisticated at taking advantage of the most vulnerable part of organizations – its people. This is why we saw considerable growth this past year with over 600% increase in customers and a 750% growth in ARR since the introduction of our multi-channel AI defense service.”
SlashNext has experienced significant growth over the last twelve months since its SlashNext 360° Defense-as-a-Service launched with adoption in Fortune 100 accounts and across technology, healthcare, financial services, retail, and entertainment verticals. In addition, the company has developed key resell partnerships with Palo Alto Networks XSOAR Marketplace, Microsoft Azure Marketplace, Synnex, and over 50 VAR partners.
With the new investment, SlashNext will scale its customer acquisition and operations domestically and internationally. As well as drive key distribution partnerships with MSSP, embedded OEMs, and carriers, including its new strategic investors, Telia Telecom, in Europe and Globe Telecom in APAC, which represent over 40M mobile subscribers. SlashNext will further its lead in AI cloud and on-device multi-channel and multi-language detection of all forms of targeted phishing – SMiShing, Vishing, BEC, bank fraud, scams, rogue browsers, credential stealing, ransomware, social engineering, and other malicious digital user attacks – launched from legitimate hosted sites or received from trusted supply chain vendors.
SlashNext has the potential to prevent billions of dollars in damages to organizations by combatting the rise of spear phishing and other targeted attacks,” said Promod Haque, Senior Managing Partner at Norwest. “This funding will enable SlashNext to expand its footprint globally, making it the clear choice for organizations looking for protection against malicious digital attacks that current SEG, proxy, and endpoints solutions cannot defend.”
“The many recent headlines about ransomware attacks continue to confirm that no industry is immune to cybercriminal spear phishing attacks and the results of a successful attack are incredibly disruptive to operations,” said Thomas Gallo. “We consider these threats daily in all our operations – from transportation to production to growth. Our strategic investment in SlashNext strengthens our defenses, and we are excited to partner with them to grow and innovate to stop this multi-billion-dollar cybersecurity problem.”
“Unlike in the past, where cybersecurity breaches mainly focused on email through business devices, attacks now occur on different applications installed on endpoint devices like mobile phones and tablets, which can be personal and less protected,” said Minette Navarrete, President of Kickstart Ventures. “The ACTIVE Fund investment in SlashNext recognizes the evolving nature of communication for work and life – data-driven and digital, collaborative, and accessible anywhere any time and on any device. SlashNext’s superior technology will fortify enterprises’ defenses, allowing them to operate with speed, scale, and security, protecting both their customers and their shareholders. We’re keen to support SlashNext’s mission to stop this global problem.”