This pitch deck helped a cyber startup that counts former Wall Street and CIA execs as advisors raise a $16 million Series A
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- Cybersecurity startup RevealSecurity monitors user activity for irregularities.
- The Tel Aviv-based startup counts former Wall Street and CIA execs as advisors.
- Check out the pitch deck it used to raise its Series A round.
An encounter with an impersonation hacker led Doron Hendler to found RevealSecurity, a Tel Aviv-based cybersecurity startup that monitors for insider threats.
Two years ago, a woman impersonating an insurance-agency representative called Hendler and convinced him that he made a mistake with his recent health insurance policy upgrade. She got him to share his login information for his insurer’s website, even getting him to give the one-time passcode sent to his phone.
Once the hacker got what she needed, she disconnected the call, prompting Hendler to call back. When no one picked up the phone, he realized he had been conned.
He immediately called his insurance company to check on his account. Nothing seemed out of place to the representative. But Hendler, who was previously a vice president of a software company, suspected something intangible could have been collected, so he reset his credentials.
“The chief of information security, who was on the call, he asked me, ‘So, how do you want me to identify you? You gave your credentials; you gave your ID; you gave the one time password. How the hell can I identify that it’s not you?’ And I told him, ‘But I never behave like this,'” Hendler recalled of the conversation.
The manager told Hendler that this kind of incident happens often, and the company didn’t have a system to monitor such occurrences.
Not long after, the light bulb went off with Hendler that he could be the person to develop a solution. He partnered with Reveal’s cofounder and chief technology officer David Movshovitz, who had fallen into similar trouble, and chief architect Adi DeGani, and launched the company in 2021.
RevealSecurity’s main offering is TrackerIQ, which surveils enterprise software applications for irregular user activity. The tool learns the behavior of users, profiles them based on their habits, and then logs their activity to help detect any abnormalities. Reveal touts the product as the missing layer to enterprise cybersecurity.
“The uniqueness of what we do is that we have developed a solution, which is fully automated. You don’t have to define anything,” Hendler told Insider.
Reveal has nabbed former Wall Street and CIA execs
In June, RevealSecurity announced its most recent raise, a $16 million Series A led by SYN Ventures, a venture capital firm headquartered in West Palm Beach, Fla. World Trade Ventures, Hanaco Venture Capital, and Silvertech Ventures also participated in the raise.
To date, RevealSecurity has raised $23 million, including a $7 million seed round. It has about 30 employees and 15 enterprise clients across regulated industries, including utilities, banking, health, and pharmaceutical.
The company has attracted former Wall Street and CIA execs to its advisory board like Citi Bank’s former global head of information security, Charles Blauner; Bank of America’s former chief security scientist, Sounil Yu; and the CIA’s former director of the Center for Cyber Intelligence, Bonnie Stith, to name a few.
“If you have the very strong investors and well recognized, respectable advisors, as we have, that’s positioning us in a very good spot. In the US, this is very important,” Hendler said, referring to the country’s B2B marketing style as word of mouth.
Funds from the most recent round will be used towards its global expansion efforts, which include the US, UK, Germany, Switzerland, and the Netherlands to start. RevealSecurity will be looking to hire 20 to 30 more employees as sales executives, vice presidents, system engineers, and to fill positions in pre-sales, product delivery, and marketing.
The other portion of funding is going towards building up support around RevealSecurity’s ability to integrate with SaaS applications, cloud-service providers like Microsoft’s Azure, Google Cloud Platform, and Amazon Web Services, and legacy systems at large institutions.
Business Insider previously reported RevealSecurity had $40 million in total funding. That has been corrected to $23 million.