Cybersecurity startup Menlo Security has closed a $40 million series C round of funding from American Express Ventures, Ericsson Ventures, HSBC, JPMorgan Chase, General Catalyst, Sutter Hill Ventures, Osage University Partners, and Engineering Capital.
Founded out of Menlo Park, California in 2013, Menlo Security seeks to protect organizations from cyberattacks by blocking malware from the web, documents, and email. The Menlo Security Isolation Platform (MSIP) basically sits between the end user’s device and the internet. All web access requests are proxied via the MSIP, which connects to a site and then streams a safe version of the website to the end user’s device.
The company claims “millions of users” at “hundreds of companies” are currently protected by its cloud-based platform, including Macy’s and Fujitsu.
The company had previously raised a total of $45 million, and with its latest cash injection said it plans to grow its sales and marketing efforts globally.
“Customers are demanding more durable approaches to malware prevention, versus a long legacy of solutions that remain perennially vulnerable to the latest attacks,” said Menlo Security CEO Amir Ben-Efraim. “This funding allows us to respond to this opportunity by continuing to expand our deployments globally to meet this growing demand, while delivering on our vision of eliminating the phishing, ransomware, and malware risks from email, web, and document downloads.”
Cybersecurity has emerged as a major focus of investment in recent years. A few months back, risk-monitoring platform SecurityScorecard raised $27.5 million from Google’s venture capital arm, GV, along with Intel and Sequoia, among others. Elsewhere, Attivo Networks announced a $21 million raise, Darktrace grabbed $75 million, and SentinelOne nabbed $70 million.
With the gargantuan Equifax data breach still fresh in everyone’s minds, countless malware attacks permeating the digital world, and the global cybersecurity workforce estimated to be short nearly 2 million workers by 2022, investments in companies such as Menlo Security are only likely to increase.
“An environment free from malware is absolutely essential in fostering innovation, collaboration, and discovery,” added Albert Kim, head of Ericsson Ventures. “At Ericsson, we seek to continuously improve our networking solutions, and state-of-the-art security is a key feature of global communication networks. We view Menlo’s isolation technology as a way to make all networks more secure.”