Cybersecurity deception technology SaaS, seedata.io raise £640,000
London, 03.08.2021. Seedata.io, a cybersecurity deception technology SaaS, has raised £640,000 in a pre-seed funding round.
Notable angels and VCs participated in the round, including Charles Delingpole (Founder at ComplyAdvantage, MarketInvoice), Will Neale (Founder of Fonix, Grabyo), Tom James (co-founder at Intec Telecom Systems, IOCORE), Dr Chai Patel (Founder and former Chairman at HC-One, Court Cavendish), Dr Nicolaus Henke (Senior Partner at McKinsey, Chairman at QuantumBlack), Nicolas Hess (co-founder at Roboyo), Rahul Bhushan (co-founder at RizeETF), Konrad Habsburg (EMEA Head at Unqork), CyLon (cybersecurity VC) and Triple Point (VC).
The fresh injection of capital will help seedata.io to further expand its development team and accelerate both the product roadmap and go-to-market strategy.
Seedata.io SaaS platform is currently live with their first use case, “customers as seeds”, and are actively onboarding users, said Enrico Faccioli (seedata.io co-founder & CEO).
Seedata.io is tackling a long-standing problem in cybersecurity; when an organisation fails to detect and block a cyber-attack, they can remain unaware that the attack ever happened for a considerable time. On average, it takes 206 days for a company to learn of a previously unprevented breach.
“You’re always going to have attacks and unfortunately some of those are going to be successful, no matter how hard you try defending” Continued Matt Holland (seedata.io co-founder & CTO), a 25-year cybersecurity veteran who held senior leadership positions at Unilever, John Lewis and Education First. “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)”.
Seedata.io is using 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.
Seedata.io delivers deception technology “as-a-Service” by planting unique, trackable records within systems and monitoring for any interaction with the records, or visibility of them on the surface, deep, and dark web, within the channels used by criminal actors, looking for indicators that these records have been exposed.
Then, seedata.io technology sends high quality alerts to their customers, giving security teams the ability to respond rapidly to the incident, potentially reducing dwell time from months to minutes.
Seedata.io extends their customer’s incident detection capabilities, taking deception technology beyond the traditional perimeter and enhancing investigations with actionable threat intelligence.
“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” said Faccioli. “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”.
Daniel Cardenas-Clark, Investment Director at Triple Point, said:
“There are plenty of products available that help companies prevent cyber-attacks. 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. We are excited to support Seedata.io on its journey to become a vital component of every CISO’s security product suite.”