Fortscale Security, a new-gen security provider that uses behavioral analytics to protect against insider threats, has been busy the last few weeks. After launching v2.0 of its suite earlier in the month, the San Francisco-based startup announced Nov. 24 that it has banked a total of $16 million in funding and has added a pair of new strategic partners, CME Ventures and UST Global.
The three year-old company said the new financing will be used to implement sales and marketing campaigns.
CME Ventures is the strategic investment arm of CME Group, a derivatives marketplace. CME Ventures makes minority stake investments in early-stage technology companies that could impact the financial ecosystem of the future. UST Global is a provider of end-to-end digital solutions and IT services and solutions for global 1000 companies.
Virtually all enterprise data breaches can be traced to a compromise of an insider's credentials to obtain access to enterprise IT systems. Malicious employees and external hackers then use the access to carry out cyber-attacks and data breaches. These attacks occurring from within the network have been difficult for security analysts to detect using traditional security measures.
Fortscale says its user behavior analytics software can identify and eliminate insider threats by using machine learning, analytics capabilities and context-based alerting. Fortscale enables analysts and security teams to act with user intelligence and easy-to-use investigation tools so they can identify malicious activity and respond immediately to threats.
Fortscale said it reached a number of milestones in 2015. After recruiting and building a successful marketing team and sales organization, the young company doubled its revenue over the last year and strengthened its pipeline of new business.