US-based cybersecurity technology developer ZeroFox completed a $74m funding round yesterday that was led by Intel Capital, the corporate venturing subsidiary of semiconductor manufacturer Intel.
Growth equity fund Redline Capital Management and venture capital firms New Enterprise Associates (NEA), Highland Capital Partners, Hercules Capital and Core Capital also took part in the round.
ZeroFox has created an artificial intelligence-powered software platform that detects and helps remediate a wide range of attacks on enterprises, from phishing attacks, compromised credentials, brand hijacking and data exfiltration to threats aimed at executives.
The technology analyses content across social media platforms such as LinkedIn, Facebook, Twitter and Instagram as well as other services such as messaging tool Slack and video streaming platform YouTube. It is also able to monitor the dark web.
Applications for the system include the detection of deepfakes and business email compromise attacks, a type of scam where criminals convince finance staff to transfer money by impersonating genuine suppliers.
The funding will accelerate ZeroFox’s global expansion plans and support the further development of its AI capabilities. It has also entered into an artificial intelligence development partnership with Intel’s Intel AI Builders program.
The company has now secured $162m in funding since it was founded as Riskive in 2013. Redline Capital and Silver Lake Waterman co-led a $40m series C round in 2017, with commitments from NEA, Highland Capital Partners and Core Capital.
Highland Capital led ZeroFox’s $27m series B round in 2015, investing with Genacast Ventures – a fund formed by Gil Beyda and Comcast Ventures, the investment arm of mass media group Comcast – in addition to NEA, Core Capital and Silicon Valley Bank.
ZeroFox had secured $10.7m in a 2014 series A round led by NEA that also featured Genacast Ventures, Core Capital and assorted private investors. Genacast Ventures led its $2.2m seed round, which included Core Capital and several angel investors, the year before.
