REDWOOD CITY, Calif.--(BUSINESS WIRE)--E8 Security, provider of cyber security analytics solutions to help enterprises detect and manage malicious insider threats and targeted cyber attacks, today announced it closed $9.8 million in series A funding led by March Capital Partners, with participation from Allegis Capital and The Hive. The funding will be allocated to furthering product development, currently in private beta with several large domestic and international organizations, while also expanding the organization’s engineering and development teams.
Recent years have seen an increased number and sophistication of cyber attacks with the average enterprise generating more than 10,000 security events daily. Preventive controls alone cannot defend against all security threats, particularly targeted attacks and insider threats. Priorities for security teams are shifting to more sophisticated detection and response capabilities for visibility into threats that have bypassed perimeter security and preventive controls. Traditional security solutions that rely on previously known threat indicators, pre-configured rules, and malware signatures are no longer effective in detecting malicious activities of sophisticated attackers. Demand for enhanced cybersecurity solutions that go beyond rules and signatures based threat detection increases daily.
“We believe comprehensive visibility into threat activity and lateral movement of threat actors inside the enterprise perimeter is critical in early detection and response to targeted attacks,” said Ravi Devireddy, co-founder and CEO of E8 Security. “With our growing team of experts and support from our investors, we look forward to delivering advanced threat analytics solutions that can dramatically reduce the compromise time window and likely impact of an attack.”
"Over 40% of US companies have experienced cyber data breaches over the past year, with 70-80% of intrusions identified by third parties, calling into question the effectiveness of traditional solutions," said Bob Ackerman of Allegis Capital. "Having played key roles in enterprise security at several high-profile, high-stakes companies, the leadership team at E8 has the experience and expertise needed to solve this complex problem. We are thrilled to be working with a team of their caliber."
E8 Security’s Board of Directors is comprised of business leaders and technologists with extensive industry experience: Steve Shillingford, former CEO of Solera Networks — acquired by Blue Coat Systems; Bob Ackerman, managing director at Allegis Capital; Sumant Mandal, managing director at March Capital Partners; and T.M. Ravi, co-founder and managing director of The Hive.
"E8 Security presents a new approach to addressing cyber security threats,” said Sumant Mandal, managing partner at March Capital and co-founder of The Hive where E8 Security was initially created and launched. “Collecting and processing large volumes of packet and log data from enterprise data sources, correlating it to external security intelligence and modeling the behavior of entities, enables E8 Security to provide comprehensive security awareness, threat detection and response.”
About E8 Security
E8 Security combines big security data, behavior modeling and multi-dimensional analysis for detecting threats active inside the enterprise security perimeter. Breaking down today’s siloed view of enterprise security, E8 integrates all security relevant data into a single big data analytical platform, arming security professionals with new analytics and visualization tools to better identify patterns, trends and activities. Founded by visionary leaders, technology experts and security practitioners with complementary skills in cyber security and big data, E8 Security’s unique technology has been developed to provide an active-state threat analysis solution that improves security operations and incident responders productivity by orders of magnitude. For more information, follow E8 Security on the web at www.e8security.com and @e8security on Twitter.