RedOwl, a provider of insider risk management and security analytics, announced yesterday (July 13) that it secured $17 million in Series B funding, led by Allegis Capital. The funding round also included participation from Blackstone, as well as previous angel investors, bringing RedOwl’s total funding amount to approximately $30 million.
The new funding will be used to continue expansion, further build out product development, grow data science teams and begin broadening go-to-market efforts, the company confirmed.
“In 2014, as part of Blackstone’s overall security strategy, we set out to tackle the growing concern around insider threats. We reviewed over 15 different insider threat vendors and ultimately landed on RedOwl for many reasons; most importantly, the company was able to monitor disparate and multiple sets of unstructured data that were being overlooked by other insider threat solutions,” Jay Leek, chief information security officer of Blackstone, said in a company release.
“After bringing them on board to help secure Blackstone, we realized that they provided many insights and had a unique value proposition which quickly led us to become a customer, followed shortly by us pursuing an investment in their organization. RedOwl has the potential to truly change the way we think about insider threats and security, focused on moving beyond the perimeter to securing the human side of an organization,” Leek added.
RedOwl’s flagship software program Reveal is deployed across multiple verticals and used for insider risk management within numerous Fortune 500 companies.
There is an ever-growing amount of sensitive data being created and used by employees across organizations. Through a human-centric approach, RedOwl seeks to provide companies with the ability to protect this data by identifying and analyzing deviations, patterns and irregularities in user behavior.
RedOwl focuses on the human layer of business, enabling the identification of suspicious or risky behavior in real time, while also proactively detecting unforeseen risks that may reside within an organization.
“Organizations are responsible for the safety of the data they generate and collect, but each employee with access represents another layer of risk to the organization, be it through behavior that is careless, malicious or sloppy,” said RedOwl founder and CEO Guy Filippelli.
“Our proprietary behavioral analytics software provides visibility into the human layer of the business, giving enterprise security teams the ability to identify patterns across disparate data streams and create actionable, situational intelligence that drives informed business decisions in real time,” Filippelli added.
The company also announced the addition of Robert Ackerman, the founder and managing director of Allegis Capital, to RedOwl’s board of directors, bringing additional and diverse experience across the board, which now includes security investors, industry experts and strategic advisors who understand RedOwl’s unique approach to security and its potential to influence the way industries manage risk.
“Given that between 70 and 80 percent of cyberattacks have an internal component, the enterprise needs to shift its attention away from the perimeter and focus on monitoring insider risk. As Allegis Capital increases its investment in cutting-edge security teams, RedOwl stood out as a company addressing a critical piece of the security puzzle — the people,” Ackerman said in reference to Allegis’ recent $100 million fund to invest in additional cybersecurity ventures.
“RedOwl has an experienced executive team that is approaching insider risk in an entirely new way, whether it’s an employee with malicious intent, a compromised employee or someone that is simply acting carelessly. We’ve been investing in the security analytics space for many years, and RedOwl is ahead of the pack. They provide immediate value to companies of all sizes across all verticals, and we look forward to seeing them change the way the enterprise thinks about security.”
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