Cognitive data platform Red Sift that provides cloud-based email security solutions has announced it has closed a $8.8m investment round from research-led VC MMC Ventures. New investor In-Q-Tel, Inc. also invested alongside existing investors White Star Capital and Oxford Capital.
Founded in 2015 by Rahul Powar and Randal Pinto, Red Sift is a data-driven cybersecurity business that uses machine learning to analyse and synthesise data from core business processes, such as email, to help its global customer base better manage its online security.
The round was led by London-based VC MMC Ventures. Earlier in 2019, MMC launched the Greater London Fund in association with the Mayor of London to back high-potential digital companies in London. Funding was bolstered by IQT, the not-for-profit strategic investor that accelerates access to and delivery of cutting-edge technologies to the U.S. national security community.
Co-founder and CEO of Red Sift, Rahul Powar said: “We live in a world where users are told to simply accept that email has a fundamental security flaw and organisations transfer the onus of detection onto their busy employees. Meanwhile, it’s getting more difficult to identify these rogue messages as the targeting and sophistication of the attacks mature.
“The bruising reality for businesses is that it is around 400 times more expensive to defend against an attack than it is to launch one, meaning the economics of cybersecurity have to date, always favoured the largest businesses with the deepest pockets. This funding round will help us to continue developing transformational cybersecurity solutions essential for everyday cybersecurity for all types of organisations.”
Mina Samaan, Investment Manager at MMC Ventures added: “There is no hiding in the fact that the use of email as an initial attack vector continues to dominate the way in which hackers are able to begin cyber-attacks. Red Sift’s easy-to-implement product suite offers businesses of all sizes the ability to protect against advanced email threats while also flagging to employees the potential threats from emails they receive.
“We’ve been tracking the team at Red Sift from the very early stages of the business and we’ve been consistently impressed with their ability to execute and achieve their goals. We look forward to working with Rahul, Randal and the rest of the team as they enter the next phase of growth”.