Flashpoint, a threat intelligence and research company that focuses on combing the Deep & Dark Web, has raised $10 million in Series B funding, and announced its expansion into the Business Risk Intelligence (BRI) market.
According to the New York City-based company, the new funding, led by Greycroft Partners, will help it expand and deliver its insights “gleaned from the underbelly of the Internet” across multiple lines of business in an enterprise.
The company goes beyond what many other threat intelligence providers collect, which typically includes technical indicators such as IP addresses, domains, and signatures. Flashpoint collects information and monitors conversations in the underground, including cybercriminal groups and terrorist organizations such as the Islamic State (Daesh) and its supporters.
“Looking beyond Cyber Threat Intelligence, BRI ultimately informs decision-making, improves preparation, and mitigates risk throughout an entire organization,” Flashpoint says.
Often narrowly focused on technical indicators, Cyber Threat Intelligence is typically geared towards cybersecurity teams and ignores the intelligence needs of other business functions, the company says.
Flashpoint says that BRI can lead to better business decisions and bolster cybersecurity, ansd also combat fraud, detect insider threats, enhance physical security, assess M&A opportunities, and address vendor risk and supply chain integrity.
“We gather data from the Cyber domain, but the intelligence we produce from that data is relevant to numerous business functions across a company, allowing organizations to flat out make better decisions,” explained Flashpoint CEO Josh Lefkowitz. “Our push into Business Risk Intelligence reflects the broad appeal we’ve found our Deep and Dark Web intelligence has for multiple business units, cybersecurity or otherwise. We’re eager to deliver that intelligence to a very underserved market.”
Along with the new funding, Flashpoint recently made two strategic hires, luring two cybersecurity experts from the financial sector. Former Senior Vice President of Global Information Security at Bank of America Chris Camacho has joined Flashpoint as Chief Strategy Officer, and former PNC cybersecurity executive Tom Hofmann has joined as Vice President of Intelligence.
Existing investors TechOperators, K2 Intelligence, Bloomberg Beta, and Cisco Investments participated in the funding round, along with new investors Jump Capital and Leaders Fund.