MMC Ventures backs London-based startup alongside In-Q-Tel to accelerate the delivery of intelligent threat detection
London, UK – 19 September, 2019 – Red Sift, the cognitive data platform that provides cloud-based email security solutions, today announced it has closed a $8.8m investment round from research-led VC MMC Ventures. New investor In-Q-Tel, Inc. (IQT) the US not-for-profit strategic investor, also invested alongside existing investors, White Star Capital and Oxford Capital. The news of the Series A funding comes as Red Sift plans to expand into the US and makes its latest product, OnINBOX, publicly available.
Founded in 2015 by Rahul Powar and Randal Pinto, Red Sift is a data-driven cybersecurity business that uses machine learning to analyse and synthesise data from core business processes, such as email, to help its global customer base better manage its online security.
In the past 18 months employee numbers have doubled and Red Sift has brought on a number of external strategic advisors including Kevin Fielder, CISO at Just Eat and Hugh McCartney, former CEO of Cloudmark, to help bolster the leadership team and fast-track business growth. In the same period, Red Sift has enjoyed considerable success with its OnDMARC security product, growing the customer base over 800 percent, including brands such as Telefonica, ITV, Action for Children, and Sadler’s Wells.
Its latest product – OnINBOX – is testament to Red Sift’s continued commitment to making cybersecurity technology more cost-effective and easier to use. Its intelligent email threat detection shores up email inbox defences by helping people better understand whether the emails they receive are legitimate and trustworthy.
Ian Colcomb, CISO at Amey, a leading supplier of global consulting and infrastructure support services, says “As a long-standing service provider to the UK government, we’re committed to supporting its National Cyber Security Strategy initiatives. OnINBOX’s ability to help our employees differentiate between real emails and the latest in highly targeted and well-crafted phishing emails helps us to maintain our high-security standards.”
The round was led by research-focused VC MMC Ventures. The London-based VC offers unique insight into emerging technologies and has an impressive history of scaling enterprise software businesses. Earlier in 2019, MMC launched the Greater London Fund in association with the Mayor of London to back high-potential digital companies in London. Funding was bolstered by IQT, the not-for-profit strategic investor that accelerates access to and delivery of cutting-edge technologies to the U.S. national security community.
Co-founder and CEO of Red Sift, Rahul Powar, said: “We live in a world where users are told to simply accept that email has a fundamental security flaw and organisations transfer the onus of detection onto their busy employees. Meanwhile, it’s getting more difficult to identify these rogue messages as the targeting and sophistication of the attacks mature. This is exactly why Business Email Compromise (BEC) is a growing threat for all types of organisations.
“The bruising reality for businesses is that it is around 400 times more expensive to defend against an attack than it is to launch one, meaning the economics of cybersecurity have to date, always favoured the largest businesses with the deepest pockets. It’s through our serverless data platform, Red Sift, that we are able to offer intelligent and accessible SaaS solutions that combine modern security standards with the latest machine learning techniques to make it easier for organisations to reduce the threats their users face every day.
“This funding round will help us to continue developing transformational cybersecurity solutions essential for everyday cybersecurity for all types of organisations. We’re thankful to our new investors for their specialised insights and support in helping us to realise our vision as we continue to grow our strong EMEA customer base and expand into the US.”
Mina Samaan, Investment Manager at MMC Ventures, said: “There is no hiding in the fact that the use of email as an initial attack vector continues to dominate the way in which hackers are able to begin cyber-attacks. Red Sift’s easy-to-implement product suite offers businesses of all sizes the ability to protect against advanced email threats while also flagging to employees the potential threats from emails they receive.
“We’ve been tracking the team at Red Sift from the very early stages of the business and we’ve been consistently impressed with their ability to execute and achieve their goals. We look forward to working with Rahul, Randal and the rest of the team as they enter the next phase of growth”.
Pete Tague, Executive Vice President, In-Q-Tel, Inc. said: “Governments, just like large enterprises and small businesses, are challenged by cyber threats every day. RedSift’s technology and management team impressed us and we are glad to welcome them to the In-Q-Tel portfolio.”
Nat Puffer, Managing Director of IQT UK said: “Red Sift’s nimble technology platform ensures there are quick answers to questions. This agile ‘computers not consultants’ approach means solutions can quickly be built and adapted to keep up with the pace of rapidly changing attacks targeting enterprises and governments.”
About Red Sift
Red Sift is a data-driven cybersecurity company on a mission to democratise the technology vital for organisations of any size or sectors to defend against security threats. With a platform based on machine learning technology, Red Sift offers users a dashboard of tools – from network monitoring to email analysis and authentication – designed to safeguard users and brand reputation.
Founded in 2015 by serial entrepreneurs Rahul Powar and Randal Pinto, Red Sift is headquartered in London, UK, and boasts an impressive client roster including TransferWise, Telefonica, Action for Children, and top UK law firms. Find out how Red Sift is delivering actionable cybersecurity insights to its global customers at www.redsift.com.
About MMC Ventures
MMC Ventures is a research-led venture capital firm that has backed over 60 early-stage, high-growth technology companies since 2000.
MMC’s dedicated research function provides the Firm with a deep and differentiated understanding of emerging technologies and sector dynamics, to identify attractive investment opportunities. MMC’s research team also supports early stage companies through the life of MMC’s investment.
MMC helps to catalyse the growth of enterprise software and consumer internet companies that have the potential to disrupt large markets. The Firm has one of the largest software-as-a-service (SaaS) portfolios in Europe, with recent exits including CloudSense, Invenias and NewVoiceMedia.
MMC’s dynamic consumer portfolio includes several of the UK’s favourite companies, including Bloom & Wild, Gousto and Interactive Investor.
In-Q-Tel (IQT) is the not-for-profit strategic investor that accelerates the development and delivery of cutting-edge technologies to U.S. intelligence and defense agencies that keep the nation safe. IQT was established in 1999 with a distinct mission: to identify and partner with startup companies developing innovative technologies that protect and preserve our nation’s security. Visit www.iqt.org for more information.