Seedata.io, a London-based cybersecurity SaaS startup, raised £640,000 in a pre-seed funding round.
The investment round involved prominent angels and VCs, including founder at ComplyAdvantage, MarketInvoice Charles Delingpole, founder of Fonix, Grabyo Will Neale, co-founder at Intec Telecom Systems, IOCORE Tom James, founder and former Chairman at HC-One, Court Cavendish Chai Patel, senior partner at McKinsey, chairman at QuantumBlack Nicolaus Henke, co-founder at Roboyo Nicolas Hess, co-founder at RizeETF Rahul Bhushan, EMEA head at Unqork Konrad Habsburg, CyLon – a cybersecurity VC and Triple Point VC, UKTN reported.
The fresh funds will help seedata.io expand its development team and accelerate both the product roadmap and go-to-market strategy.
Founded by 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.
Faccioli said, “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.”
Echoing a similar sentiment, Holland added, “You will always be attacked, and unfortunately, no matter how much you try to defend, some of them will succeed. 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).”
Triple Point investment director Daniel Cardenas-Clark said, “There are plenty of products available that help companies prevent cyberattacks. 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.”
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