Israeli cybersecurity company SECDO has completed a $10 million Series A funding round, which, the firm hopes, will help it expand in the North American market.
SECDO, which has dozens of customers in Europe, the Middle East and Africa, is now targeting US companies in a variety of industries, including finance, telecom and health care.
Its approach differs because most security companies focus on prevention and detection of threats, while SECDO zeroes in on incident response, said Shai Morag, SECDO’s co-founder and CEO.
Large companies get thousands, or tens of thousands, of security alerts every day, most of which are false positives. Investigating these alerts involves collecting evidence after the fact, which is slow and leaves security teams overextended. SECDO addresses this gap in incident response by continuously and automatically collecting data from all endpoints in the system, e.g., if someone has connected to a specific IP through Microsoft Word on their laptop. SECDO’s system investigates alerts automatically using the collected data and provides users with a full analysis.
“We collect everything continually, all the time, from all endpoints,” Morag said. “We connect the dots, the small artifacts we collect, and we make it a full story.”
The company keeps the data for a long period of time, regardless of any specific incidents or threats, so the information stays readily available and the system can determine quickly whether an alert is an actual threat or not.
Morag and CTO and co-founder Gil Barak established SECDO in early 2015 after Barak came up with the idea to build a cybersecurity company specifically around incident response.
Before founding the company, Barak worked as a software architect for Apple, was a cybersecurity consultant and adviser, and served for five years in the IDF Intelligence Corps’ renowned 8200 unit. Morag is a veteran of the IDF’s elite Talpiot program, served for 10 years in 8200 and was the CEO of Integrity-Project, a network-troubleshooting firm that was acquired by Mellanox in 2014.
The company plans to use the recent funding to increase research and development and invest in marketing and customer service in the North American market.
It has dozens of customers already, including several in the US, Morag said, although most are in Europe, the Middle East and Africa.