There are numerous potential threats to Internet security: lone-wolf hackers, state-sponsored cyber attacks, or identity and data theft, for example. But one of the most difficult cybersecurity challenges to identify and prevent are the Edward Snowdens — the players already inside an organization who are looking to steal or share sensitive information.
Today, Cambridge-based Sqrrl, which uses data analytics to fight Internet security threats, including from those known as ‘determined insiders’ like Snowden, announced that it has raised $7.1 million in new funding.
The company uses a variety of big data-related technologies to help security professionals detect and respond to advanced data breaches. Sqrrl’s enterprise-focused software can analyze datasets of Internet activity to help identify the risk potential of prospective employees or contract workers and the probability that they could partake in cyber-espionage.
In 2012, Sqrrl moved to Cambridge from Washington, D.C. after receiving funding from Atlas Venture and Matrix Partners through Antonio Rodriguez. The core founding team all had prior experiences working for the NSA and other security and data driven government agencies before launching a business-geared security product.
“Our heritage and roots coming from the NSA, where the technology and product was focused on protecting the country,” Sqrrl chief executive Mark Terenzoni said. “I think that translates very well to trying to protect an enterprise.”
The new Series B funding round was led by Rally Ventures (formerly ICON Venture Partners), and includes FKA Atlas and Matrix Partners. The recent funding gives Sqrrl more than $14 million in total funding to date.
Sqrrl’s Terenzoni said that while the new funding will be used to continue to invest in technology, the company really wants to put an emphasis on bringing the product to underserved markets and growing the customer base.