PLEASANTON – SlashNext, a provider of SaaS-based spear-phishing and human hacking defense across digital channels and apps, has raised $26 million in Series B venture capital funding. New investors Tom and Matt Gallo, Telia Group, and the ACTIVE Fund of the Ayala group, and participation from early investors Norwest, Wing, and Alter Ventures, the round brings SlashNext’s total funding to $43 million.
Ninety-one percent of all successful cyber breaches start with spear phishing – including ransomware, data theft, and over $30 financial of financial fraud. Further, according to Verizon, 85% of successful attacks involved some form of human interaction, with 39% happening outside of corporate email in mobile, text, web, and frequently on personal, non-office-issued devices. 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. 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. “This is the number one cyber challenge that organizations face globally, and bad actors are only increasing their attacks on 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.”
SlashNext says it has experienced significant growth over the last 12 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.
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.