cybersecurity Startup Versive announced this week that it had secured fresh funding from its latest funding round. The market for AI-powered cybersecurity solutions continues to grow, and Versive is one big provider of these cybersecurity solutions.
According to eWeek, the Seattle-based cybersecurity startup has just raised $12.7 million from its latest funding round to deal with current security challenges using AI-enhanced security offerings.
Overall, total funding raised by the company now stands at $54.7 million, GeekWire reported.
Versive plans to use the fresh funds to beef up its go-to-market and technical efforts, including expanding the market for its AI-powered adversary detection product. Versive is one big leader in mission-focused adversary detection. The company offers a unique way of detecting cyber threats. The company’s Versive Security Engine (VSE) learns and understands what is normal and wrong on a corporate network. The detected suspicious activities or abnormalities are filtered out, and then the security firm links together those abnormalities into something Versive calls a Threat Case, a transparent map that shows how something bad occurred, or is likely to occur in the future.
A close look at Versive
Founded in 2012 and based in Seattle, Washington, Versive is a cybersecurity and big data analytics company that provides an AI-enhanced security solution and analytics. The company’s VSE uses AI (artificial intelligence) to automatically and contextualize behaviors within the adversary campaign stages. The company also provides near real-time data analytics applications like Sales Intelligence, Pricing Strategy, Customer Behavior Analysis and other products that enable the companies to maximize the value of their data assets fully, according to startup profiler CrunchBase.
The Seattle-based startup has developed a platform that ingests data to determine what’s important and not and then came out with a problem-specific solution that can be quickly deployed in the network while at the same time continue learning.
The data gathered through the technology aims to help companies detect advanced cyber threats. Additionally, the company’s product can also detect fraud quickly.
The startup was launched with $1.3 million in seed funding from initial investor Madrona Venture Group and angel investor Geoff Entress. Other investors include Nuance’s Mark Illing, Cliff Kushler, and Mike McSherry.
As mentioned earlier by CrunchBase, Versive has received investment from several funding rounds. The company has received $1.5 million in funding from Madrona Venture Group in November 2012. And in 2014, it received an additional $35 million in total investment in three chunks from Bank of America Merrill Lynch, Bloomberg Beta, Goldman Sachs, New York Life, Formation 8, Work-Bench, Madrona Venture Group and other angel investors.
The latest funding round brings the company’s total capital raised to $54.7 million.
Versive’s investors include some big names in the industry, Bank of America Merrill Lynch, Bloomberg Beta, Goldman Sachs, New York Life, Formation 8, Work-Bench, Madrona Venture Group, Rolling Bay Ventures, Vulcan Capital and Seattle angel investors. The company’s security offering has been applied to various industries, including the financial space.
Versive has also made some partnership with Good Harbor Security Management, an IT security adviser under the Bush administration. The two work on the latest cyber threats and security compliance.
In addition, the company also received several awards for its industry-leading cybersecurity offering.
In April 2014, the company was nominated for Pacific Northwest Startup of the Year by the tech-focused online publication GeekWire. The next month, the company was named to DataBeat’s Innovation Showdown. And in May 2017, Versive has won the prestigious Best Emerging Security Product at the recent Interop event.
Versive’s market competitors
Versive is not the only companies in the market that offer an AI-powered cybersecurity solution. The Cambridge-based Darktrace is also using AI and machine learning to detect and stop cyber attacks. The startup recently raised $75 million in its latest funding round, giving Darktrace a market valuation of $825 million, according to TechCrunch.
There’s also the Boston, Massachusetts-based CyberSaint, which has recently announced a breakthrough AI-powered cybersecurity management platform.
The company’s new CyberrStrong offering, which currently hosted in the AWS NIST/FISMA regulatory compliant cloud environment, enables companies to manage cybersecurity as measurable and predictable business function, the Business Insider reported.