ComplyAdvantage founder backs UK-based cybersecurity startup in over half a million funding round
Cyber attacks and crimes are an ever-increasing threat in the tech world. When organisations fail to detect and block a cyber-attack, they can remain unaware that the attack happened for a considerable time. It has been estimated that it takes 206 days on average for a company to learn of a previously unprevented breach.
Seedata.io, a London-based cybersecurity SaaS startup, tackles this long-standing problem in the industry, and now the startup has announced that it has picked up £640K in a pre-seed funding round.
The investment round involved notable angels and VCs, including Charles Delingpole (Founder at ComplyAdvantage, MarketInvoice), Will Neale (Founder of Fonix, Grabyo), Tom James (co-founder at Intec Telecom Systems, IOCORE), Dr Chai Patel (Founder and former Chairman at HC-One, Court Cavendish), Dr Nicolaus Henke (Senior Partner at McKinsey, Chairman at QuantumBlack), Nicolas Hess (co-founder at Roboyo), Rahul Bhushan (co-founder at RizeETF), Konrad Habsburg (EMEA Head at Unqork), CyLon (cybersecurity VC) and Triple Point (VC).
The fresh funds will help seedata.io expand its development team and accelerate both the product roadmap and go-to-market strategy.
Matt Holland (seedata.io co-founder & CTO) said: “The problem is, successful attacks typically aren’t detected by the techniques companies currently use, and without knowing you’ve been breached, you can’t do anything about it. Many attacks only get discovered when somebody external tells the victim organisation about it (a customer, law enforcement or a regulator, for example).”
“Seedata.io SaaS platform is currently live with their first use case, “customers as seeds”, and are actively onboarding users.” said Enrico Faccioli (seedata.io co-founder & CEO).“To protect data, companies need to adopt a defense-in-depth strategy that uses different techniques and controls to prevent, detect and respond to attacks. Our deception technology is one such control. We can be deployed widely, with the confidence that our customers will receive high-fidelity alerts, with low operational overheads, at an affordable price. We’re grateful for our investors’ confidence in our vision, and really excited to bring our service to a market that desperately needs our help”.
Daniel Cardenas-Clark, Investment Director at Triple Point, said: “There are plenty of products available that help companies prevent cyber-attacks. Whilst prevention is better than cure, data security is missing this vital diagnosis process and on average companies do not realise they have been the victim of an attack for over 200 days, usually, once their customer’s data appears for sale on the dark web. We are excited to support Seedata.io on its journey to become a vital component of every CISO’s security product suite.”
Intelligence to combat threat
Founded recently in Enrico Faccioli and Matt Holland, Seedata.io uses a combination of deception technology and threat intelligence to help businesses detect data breaches faster. They enable detection without compromising real data by using decoys or traps to trick cyber-criminals into stealing or interacting with fake data.
The company identifies previously undetected data leakage incidents. It does this with a goal to dramatically reduce the frequency, duration and impact of security incidents. This technology plants unique, trackable records of data within clients’ systems and scours surface, deep and dark web sources for any relevant indicators of security incidents.