Abnormal Security, Co-founded By Sanjay Jeyakumar, Valued At $5 Billion
(Photo: Sanjay Jeyakumar, left, with Evan Reisser, cofounders Abnormal Security.)
August 8, 2024
The easy and cheap access to artificial intelligence (AI) tools enables even petty criminals to launch sophisticated phishing attacks seeking bank and other financial information, malware, cloud account takeovers, vendor frauds, and other frauds. Worse, interconnected digital cloud services gives them access to all accounts. Not surprisingly, there are frequent reports of breaches of email and other digital accounts causing financial and reputational damage.
Abnormal Security’s AI based platforms seek to protect users from cyber criminals. The San Francisco based startup’s machine learning models analyze thousands of signals from multiple sources to detect anomalous activity that seek to exploit known human behavior.
“Attackers continue to rely on the natural human tendency to trust digital communications and use social engineering tactics to target my employees…the arms race between malicious AI and defensive AI continues,” Rodney Masney, chief information officer of O-I Glass, said in a statement. O-I Glass, an Abnormal client, is a manufacturer of glass containers based in Ohio, with a market value of $1.8 billion.
Abnormal provides security for Microsoft and Google mail as well as multi-platform defense for more than a dozen cloud infrastructure and software applications including Workday, Salesforce, ServiceNow, Slack and Amazon Web Services. More than 2,400 organizations use Abnormal to protect their employees, including Maersk, Xerox, Mattel, and several Fortune 500 companies. Over the past year, the company has expanded into Europe, Asia, and Australia. Recently, its annual recurring revenues totaled more than $200 million.
Today, Abnormal announced it raised $250 million in a funding round which valued it at $5.1 billion. Investors included Wellington Management as well as earlier investors Greylock Partners, Menlo Ventures, Insight Partners, and a CrowdStrike venture fund.
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