Due to rise in high profile Cyber Attacks and remote work, Risk management and Security Startup are in the spotlight.
While current lockdowns and fall in the economy may interfere with traditional deal making. A report tracking the startups in New York city areas reveals a flow of new funding.
According to enterprise-technology venture-capital firm Work-Bench, which tracks local startups, Fourteen security and risk management companies in the region have paid $675 million through June.
A Work-Bench co-founder and general partner, Jonathan Lehr, said that “a lot of organizations have been making the move to cloud and more people are working from home, there’s an increased attack surface area”.
Some New-York startups like Bluevoyant and Payfone Inc. offer software for Cybersecurity, Data governance, and other risk management functions.
In recent years business interest has intensified in such technology as companies seek ways to better manage risk and compliance issues associated with an explosion of user data, said Ram Jambunathan, a managing director.
With data being basically the lifeblood of a business, it becomes important to be able to protect that, Mr. Jambunathan said. CIOs, CDOs and CISs all need to understand and should learn the process of tracking and governing the data within their enterprise boundaries.
In multiple rounds between 2017 and 2019, SAP.iO have invested an undisclosed sum in BigID. BigID received $50 Million in January and $144 million to date.
Mr. Lehr further said, Startups of New York city have the advantage of being in close proximity to customers that are some of the largest companies in the world. AvePoint Inc., Payfone and BlueVoyant are such companies in the region. AvePoint raised $200 million in January and Payfone raised $100 in June.
Chief Executive of Payfone, Rodger Desai said his company uses a software, which generates encrypted insights about phone numbers. It helps to know how long such a number has been associated with a person, which helps us to authenticate peoples.