ZeroFox Secures $11M in Series A Funding Led by NEA
ZeroFox Secures $11M in Series A Funding Led by NEA to Combat Social Cyber Attacks
The Social Risk Management Company™ Leads the Fight Against Social-Borne Cyber Attacks by Mitigating Risk Introduced to Organizations via Social Media
BALTIMORE, MD—April 30, 2014—ZeroFox, The Social Risk Management Company™, today announced it has secured $10.7 million in Series A funding led by New Enterprise Associates (NEA). The funding round includes a $450K non-dilutive incentive from the State of Maryland. Also participating in the round were earlier investors Genacast Ventures (a fund in partnership with Comcast Ventures), Core Capital and a number of notable security industry luminaries including Enrique Salem (Board Member at FireEye and former CEO of Symantec), Dean Drako (Founder and CEO of Eagle Eye Networks and founder, BOD and former CEO of Barracuda Networks), Michael Fey (General Manager and WW CTO at McAfee), John M. Jack (Former CEO of Fortify and currently a Board Partner at Andreessen Horowitz), Ken Levine (CEO of Verdasys and former CEO of Nitro Security), and Todd Headley (former CFO of SourceFire), amongst others, bringing total funding over the last 12 months to $13 million.
NEA is one of the largest venture capital firms in the world with a current investment fund of $2.6B. “We are very excited to join the ZeroFox team as they work to defend against the growing problem of intelligent cyber threats,” said Peter Barris, Managing General Partner, NEA, and ZeroFox Board Member.“The security space has not evolved at the same pace as new consumer social media tech has and we think ZeroFox is poised to address a very critical part of security for enterprise customers. The team’s deep expertise in the security space positions them well to tackle this challenge, and we look forward to partnering with them.”
“I continue to be humbled by the support and momentum we are gathering at ZeroFox,” said James C. Foster, Co-Founder and CEO of ZeroFox. “Peter Barris and NEA are among the very best investors and business partners worldwide. Their confidence in our vision and our team are true testaments that we are on to something very big.”
According to the 2013 Verizon Data Breach Report, nearly 1/3 of all data breaches occurred via social as the primary attack vector. ZeroFox is uniquely focused on this attack vector, enabling organizations to identify, manage, and mitigate the information security risks associated with employee and corporate social media usage. From targeted social-based cyber attacks to fraud, phishing, social engineering and impersonations, the ZeroFox Platform provides real-time risk management, threat intelligence and security analytics.
“Social media and peer-to-peer communications are increasingly used as a medium for attacking individuals’ digital personas and undermining enterprise security,” said Larry Walsh, Chief Analyst at The 2112 Group. “The need for effective identification and mitigation of social-based security threats is long overdue.”
“ZeroFox is the only organization that sits at the intersection of cyber security and social media, helping customers address the information security risks associated with social,” said Evan Blair, Co-Founder and COO, ZeroFox. “Now, with NEA’s support we are in position to become the global brand for Social Risk Management.”
ZeroFox was founded in January of 2013 and has collected a number of industry awards including being recognized as the CRN’s Top 10 Security Companies, 2013 Maryland Cyber Company of the Year, Winner of Chesapeake Regional Technology Council 2014 Rising Star Award, Winner of the 2013 Mid-Atlantic Venture Association Capital Connection TechBuzz show in Washington D.C., ‘Incubator Company of the Year’ for the state of Maryland in June 2013, and Baltimore Business Journal’s ‘Top 5 Cyber Companies to Watch’, ‘20 Most Promising Security Companies’ by CIO Review, and Daily Record’s ‘Innovator of the Year’.
About NEA
NEA is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With more than $13 billion in committed capital, the firm invests in information technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. NEA’s long track record of successful investing includes more than 175 portfolio company IPOs and more than 300 acquisitions. For additional information, visit: http://www.nea.com.