SlashNext, a leading provider of SaaS-based spear phishing and human hacking defenses across digital channels and apps, today announced it has raised $26 million in Series B venture capital funding. With the participation of new investors Tom and Matt Gallo, Telia Group and Ayala Group’s ACTIVE Fund, and early investors Norwest, Wing and Alter Ventures, this round brings SlashNext’s total funding to his $43 million. Thomas Gallo is also on his SlashNext board of directors.
With its pinpoint accuracy and 48-hour time to detection advantage, only SlashNext protects organizations from these malicious user threats launched from legitimate, trusted sites that easily evade current SEG, proxy, SASE, and endpoint security tools. “When cybercriminals launch successful multi-channel phishing and social engineering attacks, the results are massively disruptive to people, organizations, and the economy,” said Patrick Harr, SlashNext CEO.
His 91% of all successful cyber breaches start with spear phishing. This includes ransomware, data theft, and over $30 billion in financial fraud. In addition, according to Verizon, 85% of successful attacks involved some form of human interaction, and 39% were outside corporate email, mobile, text, web, and often personal office It’s happening on an external device. SlashNext’s patented cloud and on-device AI goes beyond email protection, and stops spear phishing, social engineering, and other targeted human threats across popular communication channels and collaboration apps.
“This is the number one cyber challenge that organizations face globally, and bad actors are only increasing their attacks in Linkedin, MS Teams, Messenger and Slack and becoming more sophisticated at taking advantage of the most vulnerable part of organizations – its people. This is why we saw considerable growth this past year with over 600% increase in customers and a 750% growth in ARR since the introduction of our multi-channel AI defense service.”
With the new investment, SlashNext will scale its customer acquisition and operations domestically and internationally. As well as drive key distribution partnerships with MSSP, embedded OEMs, and carriers, including its new strategic investors, Telia Telecom, in Europe and Globe Telecom in APAC, which represent over 40M mobile subscribers. SlashNext will further its lead in AI cloud and on-device multi-channel and multi-language detection of all forms of targeted phishing – SMiShing, Vishing, BEC, bank fraud, scams, rogue browsers, credential stealing, ransomware, social engineering, and other malicious digital user attacks – launched from legitimate hosted sites or received from trusted supply chain vendors.
SlashNext has experienced significant growth over the last twelve months since its SlashNext 360° Defense-as-a-Service launched with adoption in Fortune 100 accounts and across technology, healthcare, financial services, retail, and entertainment verticals. In addition, the company has developed key resell partnerships with Palo Alto Networks XSOAR Marketplace, Microsoft Azure Marketplace, Synnex, and over 50 VAR partners.
SlashNext has the potential to prevent billions of dollars in damages to organizations by combatting the rise of spear phishing and other targeted attacks,” said Promod Haque, Senior Managing Partner at Norwest.
- SlashNext, Leader in AI Phishing Defense, Closes $26M in Series B Funding
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