Inspectiv raises $8.6 million to build better cybersecurity tools
What do educational startups, mothering care platforms, and Minecraft servers have in common? They are all susceptible to being hacked.
Additionally, companies in every industry are using software created by Manhattan Beach-based Inspectiv, which announced Thursday it has raised $8.6 million in Series A to continue developing its artificial intelligence that detects and eliminates security threats. .
The new funds bring the total raised by Inspectiv to $16.6 million since its launch in 2018. Founder and Chairman Joseph Melika told dot.LA that the company’s recent growth has largely been driven by the pandemic, because businesses place a higher value on data security.
The increased need for better security, according to Melika, is due to recent changes in the way people work. “Frankly, just people, distracted,” he said, has made some businesses more vulnerable to hackers.
“They work remotely, their laptops are at home [with] no firewall,” he said, adding that many systems were potentially vulnerable to hacks.
Inspectiv’s risk management platform runs autonomously 24/7 and continuously scans for threats, Melika said. The software is not only running on AI, it is also associated with a network of security researchers. Melika said part of Inspectiv’s intelligence comes from the input of thousands of researchers.
Once it finds a threat, the software alerts Inspectiv, whose vulnerability spot checkers verify it and identify it to the client. Then, Inspectiv scans its other clients for the same threat or similar invasions that might be lurking. It is also possible for the software to examine backup files, in case a company wants to ensure that no old, resolved threats come back to life.
Melika pointed out that several current Inspectiv customers using its software are local, including GoGuardian, maternal care company Mahmee, and Minehut, a platform for people to host custom “Minecraft” servers.
The funding round was led by StepStone Group, among a suite of existing Inspectiv investors, including Westwood-based Fika Ventures, San Francisco-based Freestyle Capital and Santa Monica-based Mucker Capital.
CEO Ryan Disraeli (left) and Founder and Chairman Joseph Melika (right)
Courtesy of Inspectiv
Inspectiv also announced a leadership transition this week alongside several new hires – former CEO and co-founder of fraud prevention service Telesign Ryan Disraeli will take the reins as CEO of Inspectiv, while Melika will stay on. on board as chairwoman of the company’s board of directors.
“Inspectiv really helps secure the internet, and that’s something I’m personally passionate about,” Disraeli said. “Being able to work with a team of people that we brought in who also have that security background but also experience in scaling organizations was quite an exciting opportunity.”
The company also hired Karen Nguyen as chief revenue officer, Ray Espinoza as chief information security officer, and Ross Hendrickson as vice president of engineering. Disraeli said Inspectiv’s team currently numbers 22 people, but the company is “aggressively growing that number” by expanding its product development team.
Disraeli wouldn’t disclose his earnings, but told dot.LA he was confident he could grow Inspectiv quickly.
“There are a lot of companies raising funds that don’t have customers and don’t have real growth,” Disraeli said. “It’s a company that has real customers who grow and grow with us.”
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