Tel Aviv-based anti-phishing company IronScales has raised $6.5 million in Series A funding, bringing total equity funding to more than $8 million.
IronScales has enjoyed continued double-digit growth over the past three years and has invested heavily in its threat detection, incident response, and threat intelligence sharing technologies. The company has recently been rated as one of the top ten companies to watch by Momentum Partners and is currently expanding its operations and boosting global sales of its anti-phishing solutions. The latest funding round will help to fuel that expansion further.
The latest funding round was led by K1 Investment Management LLC, a private equity firm based in Los Angeles. Elron Electronic Industries Ltd., and Rafael Advanced Defense Systems Ltd., also participated in the funding round.
“IRONSCALES’ unique approach to phishing detection and remediation particularly resonated with the K1 team, and we [are] looking forward to leveraging our previous experience in partnering with growing security companies as the company strengthens its position within a rapidly evolving market,” said Hasan Askari, Managing Partner of K1.
IronScales was formed in 2013 and has fast become a major player in the field of phishing prevention, detection, and defense. The firm’s technology combines human intelligence with artificial intelligence. The technology responds to advanced and sophisticated phishing threats, with the system getting continuously smarter.
IronScales is currently expanding its global customer base. The company plans to use the funding, in part, to expand its global footprint. This year the Israeli firm joined forces with four channel partners in the UK, and IronScales will be moving into the US market next year.
A new regional office will be opened in Atlanta in the first quarter of 2018 which will serve the North American market. IronScales’ VP of marketing will be moving to the new Atlanta office, and the firm plans to create 10-15 new marketing positions in the new location. Some funds from the Series A round will be channeled into research and development. The R&D division will remain at its base in Ra’Ananna.