Behavior Analytics Technology Developed by Former Bank Technology Executives Detects and Prevents Malicious Activity in Real-Time
TrueFort, the application behavior security analytics company, announced it has raised $13.7 million in Series A funding led by Evolution Equity Partners, with the participation of Lytical Ventures and Emerald Development Managers. As part of the financing round, Karthik Subramanian, partner at Evolution Equity Partners is joining the company’s board of directors. The funds will be used to expand sales, marketing, R&D, customer support and go-to-market activities.
TrueFort provides a last line of defense against insider and/or advanced persistent threats for core business applications using advanced analytics and machine learning to monitor over 100 end-to-end interdependencies, baseline application behavior and detect malicious activity as it happens. The company has partnered and integrated with leading security and infrastructure product vendors to make adoption easier, while extending the value of existing technology investments regardless of whether applications are based in an on-premises data center or the cloud. The technology is based on high performance transaction processing architectures used in financial services and other compute intensive industries.
“CIOs and CISOs are telling us the end-to-end visibility we provide into their core business applications eliminates a huge blindspot from both a security and regulatory/board-level reporting standpoint,” said Sameer Malhotra, co-founder and CEO of TrueFort. “This new round of funding will enable us to add the sales, marketing and technical resources we need to capitalize on a large, unaddressed market opportunity.”
“TrueFort has developed a completely new approach for protecting companies against data breaches by securing the very software applications that execute business processes,” said Karthik Subramanian, partner at Evolution Equity Partners. “It’s a unique, very powerful architecture that resonates with senior IT executives because it provides a compelling value proposition for preventing and containing security incidents. TrueFort is one of the few platforms that provides visibility, detection and response in a completely automated solution.”
TrueFort’s founders, CEO Sameer Malhotra and CTO Nazario Parsacala, have worked together for the past 18 years in product development, security engineering, and infrastructure management at top global investment banks including JPMorgan Chase, Bank of America Merrill Lynch, Goldman Sachs and Bear Stearns. The extended TrueFort team has more than 100 years of combined cyber security experience at global banks and ecommerce companies.
“Until now, organizations had no way to map, understand and monitor the dependencies and behavior of their business applications, which explains why so many security breaches go undetected for so long,” said Nazario Parsacala, CTO of TrueFort. “We not only provide this visibility, but also the ability to automatically block activities, processes, identities and IP addresses that are outside the pre-defined operating parameters of each application.”