Hexadite announced today that it received $2.5 million in seed funding from YL Ventures and former Microsoft Corporate Vice President Moshe Lichtman, who is a general partner at Israeli venture capital firm Israel Growth Partners. The company was founded by Eran Barak, Idan Levin and Barak Klinghofer; all are private sector security experts and were formerly in Israeli military intelligence.
YL Ventures focuses mainly on the Israeli market and invests primarily in cloud computing, cybersecurity and big data companies. Other recent investments include performance testing company BlazeMeter and another cybersecurity startup called Seculert.
“Cybersecurity threats have been growing in both number and sophistication, resulting in more detection systems being deployed to identify them. However, the solutions designed to investigate and respond to these threats post-detection have remained virtually unchanged over the last decade.” according to the Hexadite press release. “It often takes weeks to investigate and close out cyber-attacks, providing attackers with ample time to steal or corrupt sensitive data.”
CIOs are concerned about the increasing number of cyber threats. Attacks can expose sensitive customer data and end up costing companies repeat customers and millions of dollars in security clean up. For example, the security breach at Target breach last year exposed millions of customer credit card numbers and email addresses and resulted in a 46 percent drop in 4th quarter profits following the incident.
“Hexadite claims that if it had been in place at Target, it would have detected the problem that led to the breach and been able to eradicate it before it had done any damage,” according to TechCrunch. “If that’s true, this is a product that should appeal to many CIOs who feel particularly vulnerable in light of last year’s highly public Target breach. Of course, Target is hardly alone with this problem. It’s just one that got a high profile because of the scope of the problem.”
The Hexadite product is distinct from other solutions available. It does not detect threats but instead automates response to them once detected. The Hexadite Automated Incident Response Solution (AIRS™) is being implemented by its first four customers. The product is in early stages. Full launch is anticipated later this year.
The product allows customers to receive thousands of alerts daily, rule out false alarms quickly and automatically deal with low level cyber threats. Larger scale attacks and Advanced Persistent Threats (APTs). Investigation and remediation of attacks is automated, reducing the amount of time it takes companies to respond to threats by up to 95 percent.
“Hexadite creates a paradigm shift in the cybersecurity incident response market by automating and vastly accelerating previously manual processes,” said Yoav Leitersdorf, managing partner for YL Ventures. “Reducing complexity by intelligently automating incident response and implementing best practices across enterprises in a continuous manner is the only way we can combat the ever increasing volume and complexity of cyber threats.”
Customers can select the level of automation they prefer. “Customers are drawn to the possibility of investigating and confidently closing out cybersecurity incidents, within minutes of being alerted,” said Eran Barak, CEO and co-founder of Hexadite. “With our solution, we have seen them reduce response time by up to 95%, resulting in significant operational savings from less manual labor deployed, and less data stolen or corrupted.”