Menlo Security, a provider of zero-trust internet isolation services, has raised $75 million in a Series D funding round led by clients advised by JP Morgan Asset Management. Existing investors, including Sutter Hill Ventures, American Express Ventures, HSBC and JP Morgan Chase also participated in the funding.
Jonathan Ross, portfolio manager and managing director at JP Morgan Asset Management, joins the Menlo board. “Menlo Security’s solution delivers a Zero-Trust Internet by keeping all email and web content off of end user computers and devices, thereby seeking to eliminate malware attacks from these prominent threat vectors,” he said.
The process works by isolating users’ direct contact with the internet by sending traffic via Menlo Security’s cloud-based servers. All traffic incoming is assumed to be malicious unless passed by Menlo. Email attachments and web requests are proxied through the Menlo Security Isolation Platform where active content is sandboxed and executed. Users are protected from malicious content without hindrance to internet access.
“Menlo Securityís global cloud is protecting millions of end users, isolating over 500 million websites per day,” said Amir Ben-Efraim, CEO of Menlo Security. The sheer number of successful breaches that start from phishing — according to the latest Verizon DBIR, phishing remains the most utilized attack vector for malware delivery — demonstrates the failure of many existing defenses.
Menlo quotes serious figures for the effectiveness of its own process. Over a six-month period, one Global 2000 customer experienced 1,089 emailed phishing links evaded other security defenses and were delivered and clicked by employees; and 8,541 known malicious websites were not blocked by other security defenses and were visited by employees.
Menlo Security was founded in 2015 by Amir Ben-Efraim, Gautam Altekar and Poornima DeBolle. The company emerged from stealth with a $25 million Series B funding in June 2015; and added Series C funding of a further $40 million in December 2017. To date, it has raised a total of $160 million.