Redwood City, California-based Area 1 Security, a provider of cybersecurity solutions, has raised $32 million in Series C funding. Kleiner Perkins led the round with participation from other investors that included Icon Ventures, DCVC, Top Tier Capital, Allegis Cyber and Epic Ventures.
Redwood City, Calif. (October 23, 2018) — Area 1 Security, the leader against phishing, today announced Pay-Per-Phish, the industry’s only performance-based cybersecurity solution. Unlike traditional solutions where customers are forced to pay without guaranteed results, Area 1 Security Pay-Per-Phish flips the traditional cybersecurity model on its head by charging $10 per phish actually caught.
“Companies invest millions of dollars in cybersecurity technology much of which is not protecting them or their customers from phishing attacks. It’s time for companies to pay only for solutions that work to safeguard their customers and preserve their license to operate. Area 1’s pay-per-phish is just that — a pricing model that aligns compensation with performance and changes the economics of being a bad guy on the internet,” said Ted Schlein, Managing Partner of Kleiner Perkins, a venture capital firm.
Pay-Per-Phish comes on the heels of Area 1 closing a 32M Series C, led by Kleiner Perkins with participation from Icon Ventures, DCVC, Top Tier Capital, Allegis Cyber and Epic Ventures, among others; to respond to the company’s record growth and increased demand for accountability in the cybersecurity industry.
“I expect we will continue to see a dramatic shift in the way businesses think about cybersecurity investments,” Falkowitz continues, “The most dramatic effect of cloud computing is that customers demand to pay only when and if they successfully consume the business value of your products.”
By looking at phishing comprehensively and preemptively; and leveraging a cloud-native architecture, Area 1 Security has found great success in helping Fortune 500 customers secure their move to the cloud while supporting the needs of their global and mobile end-user base.
“The intensity and success of phishing campaigns will continue to increase and as we approach the 2020 Presidential elections there will be a blurring between political and corporate damages,” said Falkowitz.
The World Economic Forum recently released its report ranking cybersecurity as one of the top threats to the survival of civilization, alongside nuclear war and climate change. Most recent estimates put the cost of cybercrime at $2.1 trillion by 2021. Humans remain the weakest link, and until solutions get automated and preemptive, the future will remain insecure. Attacks contain information and sources appearing so real, some studies have found that as many as 9 out of 10 people cannot spot the phish.
About Area 1 Security
Area 1 Security is the first to bring accountability to cybersecurity. Backed by top-tier investors, Area 1 Security is led by security, Artificial Intelligence, and data analytics experts who created a preemptive solution to stop phishing, the number one cause of cyber attacks. Area 1 Security works with organizations worldwide, including Fortune 500 banks, insurance, and tech companies, and healthcare providers to realign their cybersecurity posture for combating the most significant risks, protecting customer data, and stopping attacks before they happen. Area 1 Security is a recipient of Inc. Magazine’s “2018 Inc.’s Best Workplaces” in America. To learn more about Area 1 Security, visit www.area1security.com, join the conversation at @area1security or follow the blog for the latest industry news and insights on how to stop phishing.
ABOUT KLEINER PERKINS
For five decades, Kleiner Perkins has partnered with some of the most ingenious founders in technology and life sciences, helping them make history with their bold ideas. Through twenty venture funds and four growth funds we’ve invested $10 billion in hundreds of companies including pioneers such as Amazon, Genentech and Google. Today, Kleiner Perkins continues to invest in founders and their bold ideas helping them to make history.
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