Cybersecurity startup RevealSecurity revealed today that it has raised $23 million in new funding to accelerate global expansion and product development.

The Series A round was led by SYN Ventures, with Hanaco Ventures, SilverTech Ventures and World Trade Ventures also participating.

Founded in 2020, RevealSecurity offers an artificial intelligence platform that provides cybersecurity protection against insider threats to enterprises. The platform detects malicious insiders and imposters by monitoring user journeys in enterprise applications.

RevealSecurity says its detection is ubiquitous in that it can be applied to any application and across applications, including software-as-a-service and cloud applications as well as custom-built applications. The platform protects enterprise organizations against cases in which an authenticated user is taking advantage of their permissions to perform malicious activities or when an impersonator bypasses authentication mechanisms to pose as a legitimate user.

The company’s platform differs in that it does not rely on application-specific rules but is instead powered by user-journey analytics, combined with a clustering engine to accurately detect abnormal journeys which reflect malicious activities. RevealSecurity argues that rule-based solutions only detect known attack patterns and generate a high number of false alerts, requiring constant investment and maintenance.

“The perpetual challenge in cybersecurity is finding the needle in a haystack — those singular bad events among the billions of records that are generated in the format of event logs,” Patrick Heim, managing partner at SYN Ventures, said in a statement. “The invention of RevealSecurity’s new clustering algorithm and the ability to accurately identify breaches with a great signal-to-noise ratio is revolutionary.”

RevealSecurity says it has seen strong growth since launching in January 2021, with customers in the banking, insurance, healthcare and utility sectors. Notable clients include Poste Italiane S.p.A, Corvallis S.p.A., Aditinet Consulting S.p.A., CLAL Credit Insurance Ltd. and Integrity Software.

“The detection of insider threats in business processes has always been an unsolved challenge for enterprise chief information security officers and risk officers,” said Doron Hendler, co-founder and chief executive of RevealSecurity. “RevealSecurity provides an insider threat solution for business processes that actually works with an unprecedented signal-to-noise ratio.”

Image: RevealSecurity