AI-based cloud-native email security platform Abnormal Security has announced the closing of a $210 million Series C funding round led by global software investor Insight Partners, with the participation of Greylock Partners and Menlo Ventures.
With this round, the 4-year-old company is now valued at $4 billion.
The move to hybrid work, fueled by the global pandemic, has prompted security leaders to rethink cybersecurity strategies to protect their modern workforce better. The high volume and sophistication of sophisticated email attacks have resulted in significant losses in cybercrime, with business email losses alone reaching nearly $2.4 billion in 2021.
Modern email attacks have created an insurmountable challenge for security teams, who can no longer prevent these threats using manual processes or traditional email security solutions. As a result, enterprises increasingly rely on Abnormal Security’s AI-based platform to effectively protect their workforce.
“Our secure email gateway solution failed to stop advanced high-risk, low-volume email attacks such as BEC, leaving the company at significant risk,” said Gopal Padinjaruveetil, CISO, Auto Club Group-AAA.
“We have evaluated numerous email security solutions, and after experiencing an incredibly abnormal proof of value, we realized this is the real deal.
“It immediately became clear to our security team that to protect our workforce from devious email attacks, Abnormals’ AI-based solution was the best intelligent, context-aware email security platform available.”
Abnormal protects over 5% of the Fortune 1000 and numerous notable companies, including Xerox, Hitachi Vantara, Urban Outfitters, Groupon, Royal Caribbean International, and Auto Club Group-AAA. The company has a 4.9 out of 5 for Gartner Peer Insights, with a recommendation from 100% participating companies.
“We are fortunate that some of the world’s leading companies, operating large and complex environments, rely on our AI-based email security to protect their workforces. I am thrilled with the continued trust customers have placed in Abnormal, as it shows from our 99% renewal rate,” said Evan Reiser, CEO and co-founder of Abnormal Security.
“It’s clear that a new breed of cybersecurity solutions are needed that leverage AI to change the game and stop the growing threat of sophisticated and targeted email attacks,” added Jeff Horing, co-founder and director at Insight Partners.
“There is simply too much data for people to analyze and determine what is real and what is a threat. We invested in Abnormal because it is uniquely positioned to protect organizations’ email in the cloud with its AI-controlled approach,” he says.
“Secure email gateways can no longer reliably secure email as many organizations have moved to the cloud and modern attacks have successfully evaded it. What worked 20 or even ten years ago no longer applies.”
Reiser added: “With the current investment, we can accelerate our innovation in the AI platform to better protect our customers and continue our growth in Europe, Asia, and Japan.”
It was a record year for Abnormal. The company tripled its annual recurring revenue, doubled its workforce, and unveiled its next-generation email security platform: Abnormal Integrated Cloud Email Security.
