27 Jul Allegis and Accel partner for Callsign’s $35M Series A to Support Global Expansion
- Investment used to roll-out Callsign’s authentication platform to enterprises, financial institutions and consumer-facing digital services and to ramp-up hiring
- Seasoned cybersecurity executive and Allegis Venture Partner David DeWalt joins the board as Vice Chairman along with Bob Ackerman Founder of Allegis Capital
San Francisco/London, July 27th, 2017: Callsign, the leading artificial intelligence-based authentication platform, has raised a $35 million Series A investment led by premier, early stage cyber security investor Allegis Capital and global venture capital firm Accel. Early-stage investor PTB Ventures and cybersecurity industry veteran David DeWalt’s NightDragon Security also participated in the round.
With the proliferation of data breaches, advanced threats resulting in stolen user credentials, there is increasing pressure on companies of all sizes around the world to implement better authentication practices. In 2015 alone, cybercrime cost businesses $500 billion, and this is estimated to rise four times to $2 trillion in 2019. At the same time, companies want to minimize the friction that universal two-factor authentication introduces to the user experience.
In response, Callsign developed a deep learning-based authentication platform called Intelligence Driven Authentication™ (IDA). It enables enterprises to select the most secure and least invasive authentication journey for each user in real-time, based on his or her risk profile and tendencies – in other words, it adapts the type of authentication to the situation virtually eliminating advanced threats such as spear phishing. The result is an experience that optimises for both security and usability – a win-win for the enterprise and the end user.
Callsign’s IDA platform uniquely derives the complete intelligence picture around authentication and authorisation events, giving enterprises the ability to set adaptive policies that pinpoint suspicious usage. While Callsign can be can be deployed with out-of-the box mobile authenticators, it is a very open and flexible platform to which enterprises can easily plug-in existing authenticators or data sources. Callsign has also integrated with several Identity and Access Management providers, like ForgeRock, to provide a truly end-to-end solution.
Callsign was founded in 2012. Its clients are enterprises, financial institutions and consumer-facing digital services and include some of the world’s largest banks, such as Lloyds Bank and Deutsche Bank. It’s being deployed to hundreds of thousands of users globally.
Zia Hayat, Founder & CEO of Callsign, said: “Several years ago, I realized that the way we identify ourselves online was very broken. I knew we needed to make existing solutions like multi-factor authentication and fraud analytics better by bringing them together. Our IDA platform has had an incredible reception from financial institutions, governments and other large enterprises, and this investment will allow us to grow the business and meet some of the strong demand we’re seeing.”
DeWalt, a Venture Partner with Allegis Capital and formerly President and CEO of McAfee and CEO and Executive Chairman of FireEye, will join the board of directors as Vice Chairman. DeWalt brings more than 25 years of experience in the cybersecurity sector, and is widely recognized as one of the industry’s most successful executives. He currently holds a number of board positions at leading cybersecurity companies, including Vice Chairman of ForgeRock and Vice Chairman of ForeScout Technologies, among others.
DeWalt said: “Zia and his exceptional product and engineering team have built the foundations of a very solid business. They are pioneering a new approach to authentication with a powerful product that is quickly attracting some of the world’s leading businesses as customers. As the company rolls out its solution, it’s an exciting time to be joining the board.”
The new investment will help accelerate the growth of the company. Callsign will be expanding globally from its headquarters in London, with a particular focus on the US and Far East, and is planning to open offices in both the Bay Area and New York City in the next few months. Callsign will be building out its engineering and commercial teams as well, including sales, marketing and business development roles.
Bob Ackerman, Allegis founder and Managing Director will also be joining the Board. Ackerman said, “authentication of identities has become a core pillar in enterprise cyber security. Callsign’s IDA represents a breakthrough in meeting levels of identify assurance that are essential to enterprise operations without compromising the effectiveness and efficiency of digital business platforms. Callsign is leading the industry in delivering identify assurance without compromise,” Ackerman added.
Harry Nelis of Accel and Dave Fields from PTB Ventures are also joining the Callsign board of directors.
About Callsign Inc.
Callsign is the leading artificial intelligence-based authentication platform for enterprises, financial institutions and consumer-facing digital services. Its unique Intelligence Driven Authentication™ (IDA) solution enables more informed and truly adaptive access control decisions, putting enterprises and their users back in control. This creates frictionless access for users, whilst reducing false rejection rates and increasing security as well as operational agility.
Callsign serves Tier 1 banking clients, government bodies and enterprises throughout Europe and the US. Their IDA technology puts enterprises and users back in complete control. For additional information please visit callsign.com
About Allegis Capital
Allegis Capital is a premier, early-stage venture firm that invests solely in cybersecurity and was the first venture fund to focus strictly on cyber. In addition to Callsign, current investments include Area 1, Bracket Computing, Cyber GRX, E8 Security, RedOwl, Shape Security, Signifyd, Synack, tCell.io and vArmour. Allegis is also a founding partner in cyber Start-Up Studio, DataTribe, based in Columbia, Maryland. Allegis Capital is based in San Francisco Ca.
Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, BlaBlaCar, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Forescout, ForgeRock, Funding Circle, Kayak, QlikTech, Slack, Spotify, Supercell and WorldRemit are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.
PTB Ventures is a thesis-driven venture capital firm investing in early-stage companies in the emerging digital identity ecosystem. Digital identity is the cornerstone of a transformation that will see trillions of networked devices connected to billions of humans. This transformation will create unprecedented economic expansion and a new level of security and access to billions of people. PTB is headquartered in New York City.