May 04, 2016 08:00 AM Eastern Daylight Time
MILAN & NEW YORK–(BUSINESS WIRE)–DFLabs, the global leader in automated cyber incident management and response, announced today it has secured $5.5 million of Series A funding from Evolution Equity Partners.
With the increase in sophisticated and more frequent cyber attacks with greater impact on business and corporate reputation – as well as regulatory and cyber insurance reporting obligations – the need for specialized Security Incident Response Platform (SIRP) tools to support security incident response efforts is growing. SIRP is expected to be one of the fastest growing categories in the global cyber security market, estimated to grow to $170 billion (USD) by 2020, according to a report from Markets and Markets.
In fact, Gartner reports that “being prepared for incident response (IR) is likely to be one of the more cost-effective security measures any organization can take. Well-planned IR reduces the impact and costs of inevitable security incidents.”
DFLabs is currently serving many Fortune 500 and global companies with its innovative incident response platform, IncMan. IncMan orchestrates and automates people, processes and machines within Security Operations Centers (SOC) and Computer Security Incident Response Teams (CSIRT).
“DFLabs has already established itself as a leader in the incident response automation and orchestration space demonstrated by a rapidly growing business and technology that is recognized at the forefront of the industry. Evolution is pleased to be the first venture capital firm to partner with DFLabs at an inflection point where the company has already achieved so much through organic growth and is poised to accelerate further,” said Richard Seewald, Managing Partner at Evolution.
“Security incidents are increasingly impacting corporate reputation, operations, and the bottom line. DFLabs’ automated cyber incident response platform, IncMan, has been selected by Fortune 500 companies and medium size enterprises in the US, EMEA, and Asia alike as the go-to-solution leading the industry shift toward cyber incident detection and response. We welcome DFLabs to our portfolio of leading cyber security companies,” added Seewald.
The funding will help DFLabs accelerate its go-to-market strategy, further its global expansion initiatives and deliver scalable automated incident response technology to its growing portfolio of enterprise customers. Richard Seewald and Dennis Smith, who both lead the cyber-security practice of Evolution Equity Partners, will join DFLabs’ board of directors.
“Customers need to get their cyber incidents under control. This requires dealing with alerts, processes and machine action in the quickest and most effective way. We are honored to have secured this Investment from Evolution, proven experts in the cyber security space,” said Dario Forte, Founder, and CEO of DFLabs.
Customers cite up to 80% reduction time in the incident response process using IncMan. IncMan is leading by orchestrating data sources, processes and machine actions, and automatically producing actionable intelligence sharing to help respond to a growing number of cyber incidents. With IncMan, CISOs, SOC and CSIRT specialists can focus their attention only on actual issues, dramatically reducing resource shortage and reaction time.
i How to Plan and Execute Modern Security Incident Response, Published: 7 April 2016, Analyst(s): Anton Chuvakin, Augusto Barros
DFLabs – Cyber Incidents Under Control – is a recognized global leader in automated incident and breach response and orchestration. The company is led by a management team recognized for its experience in and contributions to the information security field including co-edited many industry standards such as ISO 27043 and ISO 30121. Its flagship product, IncMan, is adopted by Fortune 500 and Global 2000 organizations worldwide. DFLabs has operations in Europe, North America, and EMEA. For more information, visit http://dfresponse.com/ or connect with us on Twitter @DFLabs.
About Evolution Equity Partners
Evolution Equity Partners, based in New York City and Zurich, Switzerland, invests in growth stage technology companies in the United States, Europe, and Israel helping exceptional entrepreneurs develop market leading companies. The firm has a focus on Cyber-Security and Enterprise Software and its partners have been involved as founders, investors and as senior operating executives in leading software companies around the world. Current and past portfolio companies include AVG Technologies (AVG: NYSE), Cognitive Security (CSCO: NASDAQ), OpenDNS (CSCO: NASDAQ), Carbon Black, Onapsis, Security Scorecard, and DFLabs among others. For more information, please visit us at evolutionequity.com or connect with us on Twitter @evolutionequity.