Enterprises have a lot more to consider when it comes to dangerous-looking emails than simply sending them to a spam folder. In order to keep their financial information, system credentials and other valuable data safe from scammers, organizations are turning to solutions like IRONSCALES to keep their inboxes safe from potential threats and avoid expensive repercussions.
“Phishing remains the biggest security threat organizations face today,” Eyal Benishti, CEO and founder of IRONSCALES, told Built In via email. “The median impact of a single successful phishing attack is $260,000, and roughly 10 percent of incidents cost $10 million or more. Defending against these modern threats requires a new approach to email security.”
The Atlanta-based security company recently announced a $64 million Series C round. Its AI-powered platform works to detect suspicious mail within seconds across enterprises at scale. Led by PSG, this latest raise brings IRONSCALES’ total funding to date to $95 million. Other participants in this round include investors K1 Investment Management and Jump Capital.
IRONSCALES developes cloud-native, API-based email security software solutions designed to be self-learning, enabling the platform to continually identify and fix threats like business email compromise, credential harvesting and account takeover in companies’ inboxes. It also includes simulation and training resources for employees to educate them about cyber threats and reinforce the company’s ability to protect against them.
Since its founding in 2014, the company has grown substantially, serving 5,000 enterprise customers to date across the globe. IRONSCALES grew its annual recurring revenue year-over-year by 72 percent in 2020, and by 84 percent so far in 2021. The company was also ranked number 618 on the Inc. 5000 list of fastest-growing companies in 2021.
With its latest round of funding, IRONSCALES is fueling even more growth. The company is investing in expanding its international footprint and building out its platform’s capabilities. Some of the developments will include protection across messaging and communication platforms, as well as protection against outbound accidental data loss as in today’s digital age, Benishti said.
As IRONSCALES continues to expand, the 80-person company plans to reach a headcount of 200 by the end of next year. It currently lists several U.S.-based positions on its site spanning R&D, marketing, HR, sales and customer success.