A cybersecurity startup that pairs software with analysts who review and investigate attacks raised $9.6 million to continue battling intrusions against companies of all sizes, as well as healthcare and government organizations.
In addition to the cash infusion, the company has changed its name from Critical Informatics to CI Security. CEO Garrett Silver said the new name doesn’t mean a major shift in the business is on the way. It’s more about simplicity and reflecting the company’s core priorities and Critical Insight platform.
“It gives customers critical insight into the threats they’re facing so we can help them manage, detect and respond,” Silver said of the company’s offerings.
The new Series B round, led by a previous investor in Alan Frazier’s East Seattle Partners, brings the company to nearly $16 million in funding to date.
The company has 68 employees, with its home office in Seattle and security operations centers in Bremerton and Ellensburg, Wash. It plans to expand the security centers thanks to the new funding round.
Security and tech giants such as ADT and Cisco Systems are among the players in the “managed detection and response” market that includes CI Security. One place where CI Security stands out, Silver said, is its offerings for healthcare and government organizations.
“Core to our mission is defending organizations that protect the health of our communities,” Silver said. “We’re seeing growth in our healthcare customer base as well as growth in our public sector customer base. We’re honored to be defending hospitals, clinics, cities, ports, and school districts. We want to help those organizations keep patients alive, keep the lights on, and keep our water clean.”
Citing predictions from Gartner, Silver said companies spent $96 billion on cybersecurity technology in 2018, yet attacks continue to impact organizations of all kinds. One big problem is a major shortage of qualified cybersecurity experts in the field, Silver said.
CI Security’s technology is meant to amplify its human talent, not solve every problem on its own. Silver claims CI Security experts can spot attacks and help remove them much faster than the competitors — “in hours or minutes instead of months,” he said.
“There are threats everyday like phishing, crypto-mining, and malicious intruders,” Silver added. “When those threat actors get into a system, the industry standard is that it often takes months or years to detect them — the average is about 200 days. That’s not acceptable.”