May 28, 2022

Companies typically spend a lot of money and talent protecting against security breaches. This gives cybersecurity experts a huge opportunity to create tools that target smaller organizations that still face the same security issues (and, some argue, maybe even more) than their larger ones. . ,

Koro, a startup aimed at mid-sized businesses that is building an all-in-one cybersecurity platform with the ability to monitor devices, users, email, network, data and applications, and remove malicious activity, has raised $60 million, which it plans to spend. use to continue to double this particular gap in the market.

It is Series C and is led by London-based Balderton Capital, with input from previous lender Jerusalem Venture Partners.

Based in Israel but with significant US operations based in New York and Chicago, the company has been around for some time. It used to be called Coronet (a legacy that still lives on in the URL) and even competed in our NYC Startup Battlefield in 2015, but almost three years ago it allowed consumer gadgets to be on public Wi-Fi. The security platform has moved from cyber threat protection to it. The move has since increased 300% year-on-year, with a total of 4,500 companies adding 4 million users to the platform, according to CEO and co-founder Guy Moskowitz.

The company does not disclose its valuation, but we have heard from a reliable source that it is now around $500 million. It has raised $80 million so far.

Moskowitz evaluates the average market with 500 to 4,000 employees and believes that there is a “golden mean” (if such exists in cyberspace) for the production of security tools that can automate routine work and perform some other specific tasks in IT departments. . The security system is very easy to use.

“A thousand to one is a typical ratio for cyber professionals,” he said, explaining how many people were hired and how “responsible” they are in terms of oversight. This means: “If your organization has less than 1000 people, often there is no one there, only IT.”

Add to that how large enterprises are investing in software to equip their security teams. A company like Goldman Sachs could have access to more than 40 products, he said. Small businesses today may need to purchase six to 13 different applications, covering security aspects such as email filtering, network security, device management, application management, and more.

“But if you could get a budget for all of this and set it up, who would go after all the events these apps generate?” He asked. “That’s why we decided to look at this problem from scratch.”

This turn led to the emergence of Koro as it is today, a platform that acts as a “super security application” that provides coverage of all possible attack surfaces that a malicious hacker or virus can hit, koro can create a whole stack of services: none one . Integration with third party applications. At $7 per user per month, it claims to automate and take care of 95% of the security workload that a typical business creates. (Coro says a package similar to Point Solutions can cost between $45 and $115 per user per month.)

“What we did really changed the paradigm,” he said. “This is fundamentally different from the old way of using pixel resolution for security.” (That’s not the only one: dozens of other companies are targeting the mid-market, though often offering more point-based solutions. Some, like AlienVault and BlueVoint, also take a platform approach, albeit to address this problem. With other concepts to go .)

In the field of work (or in any field that depends on IT, such as education), users are often frustrated when IT wallet owners decide that they need a large multi-purpose platform rather than a personal point of view. will choose. Solutions to meet the needs of its users. This usually results in a loss of dedicated functionality and adaptability.

However, Moskowitz believes that Koro is an exception to this situation due to the approach it has taken, and the entire system relies on AI.

“We have a huge, really smart AI engine that is powered by every attack vector, so not only is it not that good, it’s much better than any point solution because there are no blind spots,” he said. phishing, malware protection, and data loss prevention all really go hand in hand. “If we can look everywhere, we can respond better. Our solution is built into the entire line.”

However, the platform makes some compromises. This means, for example, that the client cannot change any part of Coro: WYSIWYG.

“But you can’t set up Dropbox either,” Moskowitz countered. “Essentially, we are Dropbox security. You don’t know cybersecurity as well as we and our machines.”

This is a move that has attracted clients and investors.

“Koro is the only company in the cybersecurity industry committed to serving the midmarket with a solution that is both affordable, easy to deploy, and truly comprehensive, able to serve midsize businesses in a rapidly growing cybersecurity environment. Helps businesses protect themselves,” Corot said. This is stated in a statement by the general partner of Balderton Capital, Rana Yared. “Coro is poised to dominate this huge and underserved market segment and we are confident that their growth will continue to accelerate. We are excited to partner with Coro’s innovative team and join them in their quest to make non-destructive security the backbone of a growing business in a variety of industries. ,

“We have been a firm believer in Koro’s vision from day one and have seen exponential business growth driven by true innovation in AI automation and the expansion of Koro platform adoption to growing companies across all industries,” said Yoav, General Manager. JVP. “Coro is well positioned to become a mid-sized cybersecurity solution and we are delighted to welcome Balderton Capital to the team as we work together to support Coro’s explosive growth.”

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