SlashNext, the SaaS leader in spear-phishing and human hacking defence stated it has raised $26 million in venture capital funding Series B. The round brings total SlashNext funding to $ 43 million, thanks to new investors Tom and Matt Gallo, Telia Group and the Ayala Group ACTIVE fund, as well as early investor participation by Norwest, Wing and Alter Ventures.
Majority of cyber breaches are successful like ransomware and theft of data. SlashNext’s patented AI cloud and device protection extends over and across popular communication and collaboration applications to stop spear phishing, the social engineering industry and other targeted human threats. SlashNext protects companies from the malignant user threats from legitimate, trustful sites that easily escape current SEG, proxy, SASE and endpoint security tools, with its pinnacle accuracy and 48 hour detection time.
“When cybercriminals launch successful multi-channel phishing and social engineering attacks, the results are massively disruptive to people, organizations, and the economy. 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,” said Patrick Harr, SlashNext CEO.”
SlashNext will scale-up its domestic and international acquisition and operations with new investments. Besides driving important distribution partnerships with MSSP, embedded OEMs and carriers, including their new strategic investors Telia Telecom and APAC Globe Telecom, representing over 40 million mobile subscribers in Europe. SlahNext will further lead the AI cloud and multi-channel, multi-language device detection of any type of phishing targeting — SMiShing, Vishing, BEC, fraudulent banking, scams, scam browsers, credential stealing, ransomware, social engineering or other malicious digital user attack from legally hosedt or 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. 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,” said Thomas Gallo.
“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. 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,” said Minette Navarrete, President of Kickstart Ventures.