Terbium Labs, focused on intelligence about the dark web, recently announced a $6 million investment led by Glasswing Ventures, bringing the total raised by the company to $15 million.
Terbium Labs will use the new funding to extend its geographical footprint, bolster channel relationships with managed security service provider (MSSP) partners, and continue to innovate on Matchlight, the company’s dark web data monitoring system, according to a press release.
Rick Grinnell, Founder and Managing Partner at Glasswing Ventures, is best known for his investments in EqualLogic (acquired by Dell), Prelert (acquired by Elastic), and Resilient Systems (acquired by IBM), will join Terbium Labs’ board of directors effective immediately. Glasswing Ventures invests in companies with AI at their core.
The dark web is evolving faster than human analysts can handle alone. Terbium Labs uses machine learning and AI algorithms to model the dark web, find new sites, and predict where new illegal or risk content, such as stolen proprietary data, is likely to appear.
“Our fund is focused on startups that leverage AI technology to create new products and platforms that ensure that the data, users, and devices of the increasingly connected world are secure,” said Rick Grinnell of Glasswing Ventures. “Terbium Labs checks both boxes by offering enterprises a truly unique approach to information security and fraud prevention powered by an AI-controlled dark web crawler. We are excited to have Danny and his team at Terbium Labs in our portfolio and are thrilled that they have selected Glasswing as their partner to help propel them to the next stage of growth.”
Data theft costs the global economy more than $400 billion each year. Matchlight offers an alternative to enterprises seeking to protect their most critical data and avoid data theft and loss. Traditional threat intelligence makes it hard to know whether data is real or fake. In contrast, Matchlight gives users an ability to continuously monitor the dark web for their lost or stolen data, alerting when and where fingerprints of their actual data appear online.
The patented data fingerprinting technology creates a one-way digital signature of any type of data, enabling organizations to automatically search for their sensitive information without revealing it to anyone – not even Terbium. The system works regardless of the type of breach and is complementary to an organization’s existing information security systems.
Terbium Labs announced the general availability of Matchlight in September 2016. Matchlight’s deloyment options and affordable pricing makes its data monitoring and breach and fraud detection capabilities attractive to companies of all sizes. Nearly 7,000 users have deployed Matchlight to monitor employee personal information, customer information, sensitive intellectual property, and even source code.
“As the dark web expands, automation is key to keeping up where human analysts cannot,” said Danny Rogers, Co-Founder and CEO of Terbium Labs. “Matchlight computes billions of data fingerprints every day and alerts customers within minutes when elements of their data appear somewhere they shouldn’t. It shifts the balance of power from the adversary to the enterprise by providing the tools to rapidly identify fraud and data theft privately and affordably. With the new capital from Glasswing Ventures and their expertise, contacts, and resources in the AI security market, we will continue to build our robust dark web index and world-class leadership team and ensure any organization with critical data and confidential information is protected.”
Rogers, who came from the intelligence community, said in an interview with AI Trends that the company has been attracting customers from smaller credit unions as well as big banks, which he sees as a good sign. “Many breaches happen to smaller companies, just as much data is being stolen; there is as much of a need in the mid-market for this type of intelligence service, “ as is needed for big companies, he said.
“We are highly automated, combining data fingerprinting and a lot of machine learning techniques that automate large swatches of the intelligence cycle,” he said. “We’re able to offer it at a reasonable price point.”
Learn more at Terbium Labs.