Aug
07
2018
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RiskRecon’s security assessment services for third-party vendors raises $25 million

In June of this year, Chinese hackers managed to install software into the networks of a contractor for the U.S. Navy and steal information on a roughly $300 million top-secret submarine program.

Two years ago, hackers infiltrated the networks of a vendor servicing the Australian military and made off with files containing a trove of information on Australian and U.S. military hardware and plans. That hacker stole roughly 30 gigabytes of data, including information on the nearly half-a-trillion dollar F-35 Joint Strike Fighter program.

Third-party vendors, contractors and suppliers to big companies have long been the targets for cyber thieves looking for access to sensitive data, and the reason is simple. Companies don’t know how secure their suppliers really are and can’t take the time to find out.

The Department of Defense can have the best cybersecurity on the planet, but when that moves off to a subcontractor how can the DOD know how the subcontractor is going to protect that data?” says Kelly White, the chief executive of RiskRecon, a new firm that provides audits of vendors’ security profile. 

The problem is one that the Salt Lake City-based executive knew well. White was a former security executive for Zion Bank Corporation after spending years in the cybersecurity industry with Ernst & Young and TrueSecure — a Washington, DC-based security vendor.

When White began work with Zion, around 2 percent of the company’s services were hosted by third parties; less than five years later and that number had climbed to over 50 percent. When White identified the problem in 2010, he immediately began developing a solution on his own time. RiskRecon’s chief executive estimates he spent 3,000 hours developing the service between 2010 and 2015, when he finally launched the business with seed capital from General Catalyst .

And White says the tools that companies use to ensure that those vendors have adequate security measures in place basically boiled down to an emailed checklist that the vendors would fill out themselves.

That’s why White built the RiskRecon service, which has just raised $25 million in a new round of funding led by Accel Partners with participation from Dell Technologies Capital, General Catalyst and F-Prime Capital, Fidelity Investments’ venture capital affiliate.

The company’s software looks at what White calls the “internet surface” of a vendor and maps the different ways in which that surface can be compromised. “We don’t require any insider information to get started,” says White. “The point of finding systems is to understand how well an organization is managing their risk.”

White says that the software does more than identify the weak points in a vendor’s security profile, it also tries to get a view into the type of information that could be exposed at different points on a network.

According to White, the company has more than 50 customers among the Fortune 500 that are already using his company’s services across industries like financial services, oil and gas and manufacturing.

The money from RiskRecon’s new round will be used to boost sales and marketing efforts as the company looks to expand into Europe, Asia and further into North America.

“Where there’s not transparency there’s often poor performance,” says White. “Cybersecurity has gone a long time without true transparency. You can’t have strong accountability without strong transparency.”

Feb
06
2018
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Mayfield joins Velocity Network to connect enterprise startups with NYC execs

 Last year two venture capital firms, General Catalyst and CRV, launched a program called the Velocity Network to get their startups in front of Fortune 500 executives in New York City. Today they announced that Mayfield has joined as the third VC firm in the network.
New York is home to financial, insurance, security, retail, media, and other Fortune 500 companies — the very types of… Read More

Mar
16
2017
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Smart diabetes management service Livongo Health raises $52.5M and looks to new markets

 Glen Tullman doesn’t like it when someone tells him he’s sick when he’s feeling fine. It’s something he thinks his customers probably don’t want to hear, either. Tullman runs a startup called Livongo Health, which offers a blood glucose monitor accompanied with a service designed to intervene and help coach people through managing diabetes. Livongo Health helps… Read More

Feb
23
2017
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AirMap raises $26 million to manage air traffic as drone use surges

battle-drones Lower airspace isn’t crowded with drones quite yet. But as drones become more pervasive, a startup called AirMap is building software and systems to help drone operators fly only where it’s safe and legal to do so. The task will prove completely different from that of managing airliners as we do today, says AirMap CEO and cofounder Ben Marcus who is also serving as the co-chair for… Read More

Nov
14
2016
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Zugata raises $7 million to make annual performance reviews obsolete

teens millennials Even before they began to graduate from college, millennials drove changes at work, from management and recruiting practices to the design of office interiors. But companies are still adapting and figuring out what matters most to this large demographic and employee base. Now, a tech startup called Zugata has raised $7 million in Series A venture funding to replace the crusty old… Read More

Apr
21
2016
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Stealthy startup Preempt Security scores $8 million Series A

Black gloved hand grabbing red password from field of white zeros and ones to illustrate credential stealing. Preempt Security, a startup still in stealth, came out of hiding today enough to announce an $8 million Series A round. Beyond that we know only a limited amount about what makes them worth such an investment. The round was led by General Catalyst with participation from Mickey Boodaei and Rakesh Loonkar, the founders of Trusteer, and Paul Sagan, the former CEO of Akamai Technologies.… Read More

May
01
2015
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Rocana Lands $15M To Bring Big Data Analysis To IT Ops

One hundred dollar bills sticking out of a shirt pocket. Rocana (formerly ScalingData) announced $15 million in Series B funding led by Google Ventures with General Catalyst Partners, Toba Capital and Paul Sagan (former chairman at Akamai and current executive in residence at General Catalyst) also contributing. This round brings the total raised to $19.4 million. Rocana aims to simplify and speed up how companies running large data center… Read More

Apr
30
2015
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Campus Job, Connecting College Students With Employers, Raises $7.8 Million In Series A

campusjob1 Nearly eight months after launching a platform to connect college students with local job opportunities, Campus Job has raised a $7.8 million Series A round of funding led by General Catalyst Partners, with participation from Index Ventures, Box Group, SV Angel, Slow Ventures, Lerer Hippeau Ventures and others. Read More

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