RiskIQ completed its first round of funding today for $10 million. In January, an SEC filing revealed that the company had already raised $7.5 million with the $2.5 million still up for grabs.
The round was led by Summit Partners.
RiskIQ’s value comes from its knowledge. The company has set up monitoring stations all around the world to watch a number of websites and mobile applications for any kind of weird behavior. It claims to be monitoring “tens of millions” of these properties a day. When it comes across something that seems suspicious, it alerts its clients.
The idea is that while the IT department focuses on protecting the data that is behind the firewall, RiskIQ can keep an eye on what’s happening outside of the firewall. It fosters a mindset of prevention. And, it’s not just malware that sets off RiskIQ’s sirens. The company also looks for brand abuse and intellectual property violations.
RiskIQ will use the funding to continue building out the technology. It will also start to focus on sales and marketing, getting the product into more companies’ hands.
Greg Goldfarb, the managing director at Summit Partners said in a statement that he believes RiskIQ “has a clear opportunity to lead the external security threat detection market.” He is impressed with the technology, which helps protect not just your data, but your reputation.
The San Francisco-based company was founded four years ago and has thus far not taken on any funding.