IRONSCALES, an Atlanta and Tel Aviv-based email security firm, has closed an $8 million Series B extension round led by Jump Capital, a Chicago-based venture and growth capital firm. The new funding follows the company's $15 million Series B closed in 2019 by current IRONSCALES investor K1 Investment Management.
The startup plans to use the funding to accelerate its growth strategy through market expansion along with ongoing research and development of its anti-phishing platform, according to a company spokesperson.
“While we weren’t actively seeking capital, partnering with Jump was too good of an opportunity for us to pass up,” Eyal Benishti, IRONSCALES founder and CEO, said in a statement. “With this Series B extension, and with Jump and McNulty on our team, we will be able to accelerate our marketplace momentum through investments in both people and technology, helping reduce the risk from what has become a global email phishing epidemic.”
Jump Capital Partner Saurabh Sharma will join the IRONSCALES board of directors as part of the funding. In addition to the funding announcement, the company announced it has hired Matthew McNulty as SVP of worldwide sales. McNulty previously working as SVP of international sales at Clearwater-based security awareness training and simulated phishing platform KnowBe4.
"Phishing remains one of the largest attack vectors for cybercriminals. Even though enterprises are investing heavily in cloud-native security infrastructure, they still rely on legacy secure email gateway products to fight increasingly sophisticated and socially engineered phishing attacks," Sharma said in a statement.
In 2020 alone, IRONSCALES reports it has upgraded its AI virtual security analyst, released a fully automated solution that enables companies to test their email security, deployed a natural language processor that can detect and respond to common business email compromise attacks and the launch of an in-app chat tool that encourages open collaboration within security teams.
