- Abnormal Security recently announced that it has raised over $200 million in funding at a $4 billion valuation. These are the details.
Abnormal Security – an AI-powered, native AI-powered email security platform – recently announced the closing of a $210 million Series C funding round led by the global investor in Insight Partners software with participation from Greylock Partners and Menlo Ventures. And with this funding round, the company is now valued at $4 billion.
The shift to hybrid working fueled by the global pandemic has prompted security leaders to rethink cybersecurity strategies to better protect their modern workforce. And the high volume and sophistication of advanced email attacks have caused significant cybercrime losses, with business email compromise losses alone amounting to nearly $2.4 billion in 2021. And modern email attacks have created an insurmountable challenge for security teams, who can no longer prevent these threats. using manual processes or traditional email security solutions. As a result, companies are increasingly relying on Abnormal Security’s AI-powered platform to effectively protect their staff.
Abnormal protects over 5% of the Fortune 1000 and many notable companies including Xerox, Hitachi Vantara, Urban Outfitters, Groupon, Royal Caribbean International and Auto Club Group-AAA.
It was a banner year for Abnormal. The company tripled its annual recurring revenue, doubled its headcount and unveiled its next-generation email security platform: Abnormal Integrated Cloud Email Security (ICES).
“Our secure email gateway solution was failing to stop advanced high-risk/low-volume email attacks such as BEC, which put the business at significant risk. We evaluated many security solutions from email, and after experiencing incredible evidence of abnormal value, we realized this was the real deal. It became immediately apparent to our security team that to protect our staff from sneaky email attacks, the solution Abnormal’s AI-powered was the best intelligent, context-aware email security platform available.
– Gopal Padinjaruveetil, CISO, Auto Club Group-AAA
“We are fortunate that some of the world’s most remarkable companies, with large and complex environments, trust our AI-powered email security to protect their people. I am delighted with the continued confidence of customers in Abnormal, as evidenced by our 99% renewal rate. »
“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.”
– Evan Reiser, CEO and co-founder of Abnormal Security
“It is clear that a new generation of cybersecurity solutions that leverage AI are needed to change the game and stop the growing threat of sophisticated and targeted email attacks. There is simply too much data for humans to analyze and determine what is real and what poses a threat. We invested in Abnormal because it is uniquely positioned to protect email organizations in the cloud with its AI-powered approach. Secure email gateways can no longer reliably secure email, with many organizations having migrated to the cloud and modern attacks successfully circumventing them. What worked 20 or even 10 years ago is no longer applicable.
– Jeff Horing, co-founder and managing director at Insight Partners