Israeli cybersecurity startup ReSec Technologies raises $4m Series A funding for expansion
ReSec Technologies, a cyber security company that protects organizations from file-based malware threats, announced the completion of its $4 million Series A round of financing, led by Hong Kong-based Venture Capital fund QBN Capital, with participation from HDI Group, part of Talanx, one of the largest European insurance groups, Disruptive Ventures, a boutique US-based investment house, and Pico Venture Partners, one of Israel's leading early stage Venture Capital funds. This new round of funding will be used to expand ReSec's operations globally.
With ransomware attacks rising globally and more than 90% of malware attacks originating from documents, ReSec's full-prevention solution protects organizations from both known and unknown ("zero day") file-based malware threats. The company's patented technology aims to disrupt a crowded market, that is dependent on detection solutions which often present both security and usability challenges to organizations.
ReSec's cutting edge Content Disarm and Reconstruction technology offers a zero trust approach and ensures that every document that enters the organization is both threat-free and fully functional, so that organizations are not forced to compromise on security in order to minimize the impact on their end users.
Tal Yatsiv, Executive Chairman and CEO, ReSec: "We are extremely excited to complete this round and to have QBN and Talanx join our journey. The investment will allow us to expedite development and focus on growth and expansion."
This current round of financing comes during a time of great momentum for ReSec, as its solution has been embraced by dozens of leading organizations and distributed by market leaders, including Tech Data in the United States, Intelligent Wave in Japan, Edvance Security in Hong Kong, and GVM in Thailand. In addition to this round of funding, ReSec has been awarded an innovation grant from the Israeli Innovation Authority. With the new financing, ReSec plans to double its team, to focus on expanding sales and marketing activities and to continue its R&D investment.
Philea Chim, Senior Vice President, QBN Capital: "ReSec's solution overcomes the limitations of traditional and advanced-threat solutions alike and allows organizations to achieve a powerful balance between security and usability. We are extremely impressed with ReSec's innovative solution and the value it brings to enterprises. We believe that the company is set up for rapid growth."
Ulrich Wallin, Managing Director, Hannover Digital Investments: "ReSec is a financial investment for the HDI Group that offers starting points for operational and strategic cooperation; we have a strong belief in the company's future. We are pleased to join QBN and ReSec's existing investor lineup."