If you haven’t heard of Preempt Securities, that’s because the company deals in stealth. After hiding in the shadows for a few years, the company announced recently that it raised $8 million in a Series A round. Now how much is the company actually worth? Well, they’re keeping that a guarded secret.
General Calayst led this round with contributions from Mickey Boodaei and Rakesh Loonkar, both founders of Trusteer, and Paul Sagan, former CEO of Akamai Technologies. Preempt Securities launched in 2014 with a $2 million seed round, which brings the total investment up to $10 million.
Amidst a sea of security startups, Preempt Securities managed to capture the attention of top security investors. While the CEO, Ajit Sancheti, didn’t get into too much detail, he stated companies of all sizes lack proper security personnel to manage all of the threats they face on a daily basis.
Most hackers are able to steal valuable credentials simply by going through the front door. Although Preempt isn’t the first to analyze credentials, Sancheti argues they are able to do so more reliably by reducing human involvement. At the same time, it doesn’t shut down access to those who are legitimately doing their job outside normal behavior – like traveling or working with a different team.
Their presentation and argument has certainly swayed investors like Steve Herrod, managing director of General Catalyst. Besides the product, there are many other reasons Herrod led the round. He states, “The founders are from OneSecure, NetScreen and Lacoon Mobile…Many engineers have come from the elite 8200 group of Israeli Defense Force.” In terms of the actual product he says, “Many tools are just providing more fear and noise (not to mention several false positives). This one is very focused on spotting real problems in unique ways, but also fixing them without human interaction.”
Although neither Herrod and Sancheti will give too much more details on how it works now, they do promise it will come soon. Currently the company has a few paying customers and around 15 employees with offices in Tel Aviv and headquarters in San Francisco.
Cover image: Source