Australia-based insider threat protection company, Dtex Systems, announced on Wednesday (Feb 25) that it has closed a US$15 million Series A funding, co-led by Norwest Venture Partners (NVP) and Wing Ventures.
The company shares similar investor DNA with security giants FireEye and MobileIron, with the addition of Gaurav Garg, founding partner at Wing Venture Partners; and Promod Haque, senior managing partner at NVP - both join the board.
According to its media statement, the financing marks Dtex's entry into the U.S. market as it moves its corporate headquarters to Silicon Valley. The company's expansion into the U.S. market is very timely as 89 percent of companies have been found to be at risk from the insider threat, according to a 2015 Vormetric Insider Threat Report.
Dtex added that it will use the new capital to expand the company's reach and widen the availability of its advanced endpoint security solutions that enable enterprises to proactively stop insider cyber threats while safeguarding employee privacy and meeting international privacy laws.
Fighting insider threats
According to Dtex, the company has spent 15 years developing the "market's most lightweight and privacy-compliant endpoint security micro-agent". The solution can be quickly deployed across thousands of company endpoints without hindering device or network performance.
This technology provides enterprises with an unmatched view into activity across the organisation to quickly and effectively mitigate threats ranging from intellectual property theft, attacks launched by malicious insiders with access to internal systems, and accidental disclosure of sensitive materials by employees.
Dtex's endpoint technology also only captures metadata and automatically strips out all user information, providing a non-invasive, privacy-compliant solution.
"Companies have hit a wall when it comes to using legacy technologies to stop insider threats. Pulling information from traditional security data sources doesn't provide the hard evidence required to take immediate action - an audit trail must be collected directly from every endpoint," said Mohan Koo, CEO and founder of Dtex Systems. "Dtex has adopted a 'trust but verify' approach which enables people-centric analytics to secure the endpoint, without compromising employee privacy."
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