Why Valimail Got $45M to Prevent Phishing

TMCnet readers are well-aware of Valmail and their accomplishments.

This past February they added Valimail Defend to block business email compromise (BEC), email fraud, and the most insidious types of phishing.

At the time, Valimail CEO and co-founder Alexander García-Tobar said:

Valimail was founded to bring trust to email in a simple, automated, and reliable way. As such, Defend is a logical addition to our current suite, which started by providing the ability to trust your own emails and domains, and now allows you to trust any email in your inbox.

Valimail Defend is an extension of Valimail’s Trust Layer — a key part of a layered email defense strategy. It complements secure email gateways, which typically utilize AI/ML technologies, by employing a unique, authoritative approach that allows customers to easily define and automatically enforce policies for handling fake emails. 

We estimated recently U.S. losses to cybersecurity incidents have been north of $3 trillion over the last decade. Just yesterday we broke the news about a Florida city forced to pay ransomware attackers $600,000. Baltimore and Atlanta are just a few other cities who have been hit. Not to mention countless companies.

In March we reported Valimail received a contract from the state of Ohio for email authentication.

Under the contract, Valimail will automate the creation, maintenance, and monitoring of email authentication for the State of Ohio’s domains, starting with Ohio.gov and state.oh.us.

Valimail’s technology will enable Ohio to configure its domains with a Domain-based Message Authentication, Reporting, and Conformance (DMARC) policy of enforcement, protecting the state, its citizens, businesses and organizations from the possibility of email impersonation. This contract also will provide Ohio with unprecedented visibility into all senders, legitimate and suspicious, using its domains to send email messages.

The company has been expanding – we broke the news of a deal to bring the company to Europe last month.

Earlier this month the company said over 3 billion fake emails are sent each day!

When you see the accomplishments, expansion strategy and the fact Valimail has been successful in the public sector – where the hackers have been targeting lately, you see why the company just received $45M in funding from Insight Partners.

Combined with previous investments from Tenaya Capital, Shasta Ventures, Bloomberg Beta, and Flybridge Capital Partners, Valimail has now raised a total of $84 million in funding since its founding in 2015.

“Phishing and BEC attacks are on the rise around the world and the losses have mounted into the billions. It’s clear that other email security technologies have not solved this urgent global problem,” said Thomas Krane, Vice President at Insight. “Valimail’s Trust Layer represents a fundamentally better approach to solving this crisis of fake sender identities. What’s more, Valimail’s exceptional customer loyalty is a vivid confirmation of their capabilities. We’re excited to partner with Valimail as they accelerate their global expansion.”

“By delivering the world’s first fully-automated, identity-based solution for protecting email, we are transforming the way the global enterprise thinks about email security,” said Alexander. “In short, we are delivering trust – we make enterprise email trustworthy, both for inbound and outbound messages. We’ve earned the trust of the industry, with major partnerships and key roles in email standards committees. And we are proud that we’ve also earned the trust of our customers, with a perfect 100% customer retention rate since our founding and a contractual guarantee to get our clients to enforcement.”

Hackers are getting more brazen and targeted. Just yesterday we tweeted about the fact that these groups are now using lead-generation firms to target victims. Just like online marketers do.

This means, we haven’t seen anything yet. Now that hackers have benefitted from target marketing, marketing automation is next. The threat will continue to grow and companies need to be aware of this fact.

As more companies get hit – they will then invest in tools like Valimail. Some will invest beforehand but it seems too many companies hope for the best until it is too late. Either way, cybersecurity spending will continue to increase which is why Valimail – in the right place at the right time with the right solution, will continue to benefit.

We have put together cybersecurity best practices for every organization. We urge you to read the document and live by it.

Learn about the latest in everything you need! Cybersecurity, the Channel, IT, IOT, Edge, AI, SD-WAN, and the Future of Work at the world’s only MSP Expo, part of the ITEXPO #TechSuperShow, Feb 12-14, 2020 Fort Lauderdale, FL.

 

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