Inky, an anti-phishing cybersecurity company, announced Thursday it has secured $20 million in its Series B funding round. The investment was led by venture capital firm Insight partners and raised Inky’s total investment to $31.6 million since its launch in 2008.
According to the firm, the fresh funds will be used to accelerate Inky’s enterprise adoption, boost its platform, and finance its global expansion, with particular plans to expand across Europe, Asia, and Latin America.
“This Series B funding gives us the resources we need to serve the incredible demand we’re seeing from enterprise customers in particular, and will allow us to expand our go-to-market efforts globally,” said Dave Baggett, Inky’s co-founder and chief executive.
“We're excited to continue to invest in innovative new ways to protect companies of all sizes from email-borne threats of all kinds. INKY has seen phishing attacks more than double since the COVID-19 pandemic began, creating an even more urgent need for us to deploy our solution globally and at scale.”
Described to be a type of social engineering attack, phishing refers to the fraudulent activity in which a scammer poses as a legitimate entity, contact targeted individuals via email, telephone or text message, and lure victims into providing personal information, including their account passwords, banking details, and other sensitive files.
Inky’s cloud-based email security platform utilizes machine learning and other techniques to detect and block spams or phishing emails from existing email systems. Specifically, its technology comprehends emails and scans them for possible signs of fraud and other malicious activities. It will then use color-coded banners on each email to suggest warnings, guides, and report actions to users.
Only a year before, Inky has launched its Series A round, which secured a total of $5.6 million in funding from participating investors.
The latest round marks the startup’s further effort to improve its security services and mitigate phishing attacks done by cybercriminals across the globe.
"Phishing continues to plague companies of all sizes and remains the primary vector by which attackers steal money, intellectual property, and personally identifiable information," said Matt Gatto, managing director at Insight Partners.
"Despite the ever-increasing volume of phishing scams, incumbent vendors cannot solve this problem. INKY's sophisticated machine learning-based approach to identifying phishing attacks provides enterprises with an effective weapon against phishing,” he added.
