AUSTIN, JULY 29, 2020: Spyderbat raises $4.2M in seed funding led by LiveOak Venture Partners and Benhamou Global Ventures with participation from cybersecurity veteran, John McHale.
The company will use the capital to accelerate the development of its product launch later this year.
The Spyderbat founding team includes cybersecurity pioneers Marc Willebeek-LeMair and Brian Smith, former founders and executives of Click Security and TippingPoint.
Venu Shamapant from LiveOak Venture Partners and Venkat Raghavan from Benhamou Global Ventures has joined the company’s board of directors.
“Security operations today lack clear information to identify and resolve early indications of a threat,” states Spyderbat’s CEO Marc Willebeek-LeMair. “Shifts to cloud-native environments exacerbate this challenge. Today, triage and investigation are painfully complex, time-consuming, and often lead to erroneous or inconclusive results. We realized an entirely new approach was needed to revolutionize security operations to radically improve its efficiency.”
“Marc and Brian are addressing one of the biggest challenges in security operations,” says Venu Shamapant, Founding Partner at LiveOak Venture Partners. “We recognize the experience of the founders to deliver market-changing innovations and are excited to accelerate their efforts.”
Long-time cybersecurity veteran John McHale adds, “I have known Marc and Brian for a long time and am continually impressed with their ingenuity, passion, and inventiveness they bring to each of their companies. With TippingPoint, they realized an entirely new solution was needed for recognizing network-borne threats and invented the IPS. Similarly, they have wiped the board clean and invented entirely new capabilities with Spyderbat.”
“Security analysts are forced into bad tradeoffs from lack of time, inexorable alert volumes and ambiguous context, which lead to missed early warning signals from ignored alerts and inconclusive investigations. Marc and Brian are pioneering a new approach to reimagine security operations in the Cloud Native world,” says Venkat Raghavan from Benhamou Global Ventures.
“We are grateful to have the backing of LiveOak Venture Partners, BGV, and John McHale,” adds Marc Willebeek-LeMair. “Their wisdom and support strengthens our ability to continue innovating and delivering high-value solutions to enterprise customers.”