Illusive Networks, a cybersecurity startup specializing in defense and deception, today announced $24 million in venture funding. The company says the investment will be used to accelerate its next phase of growth, driven by a go-to-market strategy that focuses on sales and marketing expansion, with an emphasis on product enhancements for securing cloud workloads.
Damage related to cybercrime is anticipated to hit $6 trillion annually by 2021, according to Cybersecurity Ventures. Corresponding with this rise, Gartner reports that worldwide spending on cybersecurity is expected to reach $133.7 billion in 2022.
Illusive, which was founded in 2014 by Tel Aviv-based incubator Team8 and Ofer Israel, provides software that detects cyber attackers who penetrate a network while delivering logs to threat intelligence teams. Modular components work together or separately to preempt, detect, and respond to cyberattacks, allowing customers to see their networks as an attacker would and prioritize activity based on risk metrics and the potential business impact.
The Illusive platform lets security teams create credential and connection policies while automatically and continuously detecting and removing violations. It plants deceptions on endpoints — like internet of things devices, network switches, and PCs — that mimic the real data, credentials, and connections attackers need. Attacker’s erroneous choices alert security teams, capture forensics like screenshots and non-volatile system data, and reveal how far the attackers are from critical business assets.
Illusive’s decoy module enables observation of attacker activity on honeypots that imitate the applications an attacker would target. As for the forensics timeline, it presents a roll-up of incident data in a streamlined, time-stamped, and sortable format. The attacker view management console, meanwhile, shows the proximity of attackers to an organization’s critical business systems.
An Illusive spokesperson demurred when asked to name customers, but the company boasts more than 50,000 users at Fortune 500 companies, health care companies, insurance companies, legal firms, and others and claims that annual recurring revenues grew 228% over the last 12 months.
Spring Lake Equity Partners, Marker, New Enterprise Associates, Bessemer Venture Partners, Innovation Endeavors, Cisco, Microsoft, Citi, and other new and existing investors participated in the series B1 announced today. The round brings Illusive’s total raised to over $54 million.
Illusive, which is based in New York and Tel Aviv, has plenty in the way of competition. Ironscales employs AI and machine learning to defeat organization-wide phishing attacks in real time, and France- and Boston-based Vade recently raised $79 million to further develop its filtering stack that protects against compromise, malware, and spam. There’s also Tessian, which uses machine learning to secure enterprise mail, and Pcysis, which nabbed $25 million last month to thwart network perimeter attacks.