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Friday, 13 May 2022 11:12

Abnormal Security raises US$200 million at a US$4 billion valuation to protect the modern enterprise workforce, with its AI-based email security platform

By Abnormal Security

COMPANY NEWS: Abnormal Security, the leading AI-based cloud-native email security platform, announced today the close of a US$210 million ($305 million) Series C round of financing led by global software investor Insight Partners, with participation from Greylock Partners and Menlo Ventures. With this round, the 4-year-old company is now valued at US$4 billion ($5.8 billion).

The move to hybrid work fuelled by the global pandemic has driven security leaders to rethink cybersecurity strategies to better protect their modern workforce. The high volume and sophistication of advanced email attacks has caused significant cybercrime losses, with business email compromise losses alone amounting to nearly US$2.4 billion ($3.4 billion) in 2021.

Modern email attacks have created an insurmountable challenge for security teams, who can no longer prevent these threats by using manual processes or traditional email security solutions. As a result, enterprises are increasingly relying on Abnormal Security’s AI-based platform to effectively protect their workforce.

Auto Club Group-AAA chief information security officer Gopal Padinjaruveetil explained why the organisation chose Abnormal.

“Our secure email gateway solution was failing to stop advanced high-risk/low-volume email attacks like BEC, which created a significant risk exposure to the company. We evaluated numerous email security solutions, and after experiencing an incredible Abnormal proof of value, we realized this is the real deal. It became immediately apparent to our security team that to protect our workforce from devious email attacks, Abnormal’s AI-based solution was the best intelligent, context-aware email security platform available.”

“We’ve been delighted with the work we’ve done with Abnormal Security since launching in ANZ. We are seeing more BEC attacks than ever, which is one of the biggest challenges facing companies today and this funding will help Abnormal continue to scale with more resources and coverage in the region. We look forward to continuing that work with them to build a strong, cohesive defence for our customers,” said InfoTrust CEO Keith Buckley.

Abnormal protects more than 5% of the Fortune 1000 and numerous notable companies including Xerox, Hitachi Vantara, Urban Outfitters, Groupon, Royal Caribbean International and Auto Club Group-AAA. The company has a 4.9 rating out of 5 for Gartner Peer Insights, with a 100% recommendation from participating companies.

“We are fortunate that some of the most notable companies in the world, with large and complex environments, trust our AI-based email security to protect their workforce. I am thrilled about the continued customer trust in Abnormal as evidenced by our 99% renewal rate,” said Abnormal Security CEO and co-founder Evan Reiser.

“It is clear that a new breed of cybersecurity solutions that leverage AI is required to change the game and stop the rising threat of sophisticated and targeted email attacks,” said Insight Partners co-founder and managing director Jeff Horing.

“There is simply too much data for humans to analyse and determine what’s real and what’s a threat. We invested in Abnormal because it is uniquely positioned to protect organisations' email in the cloud with its AI-driven approach. Secure email gateways can no longer reliably secure email, with many organisations having moved to the cloud and modern attacks successfully evading them. What worked 20 years, or even 10 years ago, is no longer applicable.''

Said Reiser, “The current investment will allow us to accelerate our AI platform innovation to better protect our customers and continue our growth in Europe, Asia and Japan.”

It was a record-setting year for Abnormal. The company tripled its annual recurring revenue, doubled its employee headcount and unveiled its next-generation email security platform: Abnormal Integrated Cloud Email Security (ICES).

About Abnormal Security
Abnormal Security provides a leading cloud-native email security platform that leverages AI-based behavioral data science to stop socially-engineered and never-seen-before email attacks that evade traditional secure email gateways (SEGs). Abnormal delivers a fundamentally different approach that precisely detects and protects against the widest range of attacks including business email compromise, phishing, malware, ransomware, social engineering, spam and graymail, supply chain compromise, and internal account compromise. The Abnormal platform delivers inbound email security, internal and external account takeover protection, and full SOC automation. Abnormal’s API-based approach enables customers to get started in minutes and can augment a SEG or be used standalone to enhance native cloud email security protection with Microsoft 365 and Google Workspace. Abnormal Security is based in San Francisco, CA. More information is available at abnormalsecurity.com.

About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm’s recent fundraise, Fund XII, brings Insight Partners’ regulatory assets under management to over $90B. Insight Partners has invested in more than 600 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.

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