Deep Instinct, the New York-based artificial intelligence, and cybersecurity firm that uses deep learning has announced securing $43 million as part of its Series C round financing. Millennium New Horizons led the funding round with participation from Nvidia, LG, and Unbound, an investment firm founded by Shravin Mittal.
Before this round, the firm had bagged $32 million in Series B round. The current infusion takes the total amount raised by the firm to $92.1 million. Coatue Management, Alpha Intelligence Capital, Millennium Technology Value Partners, Samsung Ventures, and CerraCap Ventures are the other backers of the firm.
Deep Instinct was founded by Eli David, Guy Caspi, and Nadav Maman as a company that safeguards the enterprise’s endpoints and/or any mobile devices against any threat. Guy Caspi, co-founder, and CEO of Deep Instinct talking about the firm said, “Traditional cybersecurity is broken. Current solutions based on ‘assume breach’ are simply insufficient for the highly sophisticated attack landscape we all face. Deep Instinct takes an entirely new approach, preventing attacks before they are executed.”
Deep Instinct’s chairman Lane Bess commenting on the funding said, "This significant round of new funding highlights the importance of prevention for every enterprise. The economic impact of repairing a breach is too high to ignore the need to prevent threats before they occur. The message to the market is that to fight today’s cyber threats true prevention will become more critical than detection and response.”
Ray Cheng, partner at Millennium New Horizons says that Deep Instinct is doing something which other cybersecurity firms are not doing. “There is no shortage of cybersecurity software providers, yet no company aside from Deep Instinct has figured out how to apply deep learning to automate malware analysis. The startup has a “proven ability to use its proprietary neural network to effectively detect viruses and malware no other software can catch. That genuine protection in an age of escalating threats, without the need of exorbitantly expensive or complicated systems, is a paradigm change.”
Image courtesy : Business Wire