Terbium Labs, a Baltimore-based security startup that monitors the dark web for stolen data, announced today that it has raised $6 million in funding round led by Glasswing Ventures, bringing total funding to $15 million.

Every business likes to believe that its cybersecurity systems are unbreachable and that its customers’ data will always be safe, but companies like Target Corp, Equifax Inc. and Uber Technologies Inc. have all proven over the last few years that even the biggest enterprises can be breached. Stolen data often ends up for sale somewhere on the dark web, which is why Terbium Labs is using the dark web as an early warning system for data breaches.

Terbium Labs, whose website proclaims that “defense is not enough,” provides a data intelligence system called Matchlight, which uses artificial intelligence to monitor the dark web for any signs that a company’s data might be for sale.

The goal behind Matchlight is to alert companies of a breach as quickly as possible, giving them time to mitigate the damage and prevent further breaches. Matchlight first launched in 2016, and Terbium Labs says that the platform already has more than 7,000 users, who use Matchlight to watch the dark web for sensitive data such as customer information, intellectual property, source code and more.

According to the startup, data theft costs the global economy more than $400 billion each year, and businesses will need to rely on new technologies like AI to keep pace with hackers.

“As the dark web expands, automation is key to keeping up where human analysts cannot,” said Danny Rogers, co-founder and chief executive of Terbium Labs. “Matchlight computes billions of data fingerprints every day and alerts customers within minutes when elements of their data appear somewhere they shouldn’t. It shifts the balance of power from the adversary to the enterprise by providing the tools to rapidly identify fraud and data theft privately and affordably.”

Rogers says that Terbium Labs will use its new funding to expand its global reach, grow its partnerships with security providers, and further develop the technology behind Matchlight. As part of the funding deal, Glasswing Ventures founder and Managing Partner Rick Grinnell will also be joining Terbium Labs’ board of directors.

“Our fund is focused on startups that leverage AI technology to create new products and platforms that ensure that the data, users, and devices of the increasingly connected world are secure,” said Grinnell. “Terbium Labs checks both boxes by offering enterprises a truly unique approach to information security and fraud prevention powered by an AI-controlled dark web crawler.”

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