Deduce, the Minority Report of Cybersecurity, snags $7.3 Million in Seed Funding
What is the number one threat to the global economy over the next five to ten years? Nuclear holocaust? Murder hornets? Bieber Fever? According to CEOs, it’s cybersecurity. The logic is simple: customers aren’t happy unless they feel secure, and executives can’t make sound business decisions if they’re constantly afraid of being the next Equifax.
Both sides can relax a little, however, because Deduce is officially on the loose. Deduce, a cybersecurity upstart and the latest addition to the Ridge Familia, announced its launch and $7.3 million in funding to usher its preemptive cybersecurity solution to business leaders who want no part of the $45 billion in annual losses caused by account breaches. COVID-19 and the Zoom-pocalypse haven’t helped matters. The recent transition to social distancing and remote work has produced more sweaty-palmed CEOs and more bad actors with dollar signs in their eyes. In 2020, hackers and online scammers have upped their cybercrime activity by 63 percent.
Such an unprecedented wave of cybercrime requires an offensive-minded cybersecurity solution that mitigates attacks before they happen. This is where Deduce comes in. The Minority Report of cybersecurity, Deduce’s technology analyzes consumer data and creates anonymous profiles to identify and preemptively thwart a wide range of attacks, notifying end-users of potential threats in real-time. The end result is no cleanup, no data privacy violations, no upset customers, and (phew) no bad press.
How Deduce proactively deters cyber crooks is candy to our data geek ears. It all starts with Deduce’s massive stockpile of data — the Deduce Identity Network — the most diverse dataset of hashed and anonymized account profiles specifically designed to protect users. Machine learning is applied to this data, collected from more than 150,000 websites and applications, and end-users are notified of any suspicious account activity. With the tap of a finger, they can either authenticate account activity or have Deduce promptly strongarm Harry the Hacker to the exits.
Deduce is led by four savvy security sentinels: CEO Ari Jacoby, President Todd Lieberman, VP of Product Robert Panasiuk, and CTO Jeff Weisberg. It’s hard to ignore that the cybersecurity market will reach nearly $134 billion by 2022, but Ridge is equally impressed by a Deduce team brimming with pedigree. Spearheaded by repeat founders, Deduce comprises decades of experience working in cybersecurity, consumer identity, malvertising, and bot detection. There isn’t a hack they can’t shellac.
The cybercrime underworld moves at a brisk pace, but Deduce has the data and tools to stay five steps ahead. The company is at once redefining — and simplifying — how security teams stop attacks while democratizing data that has traditionally been monopolized by the FAANG Gang and other tech behemoths. The Deduce Identity Network embodies this releveling effort by gathering more than 200 million US-based user identities that help determine if a user should be cleared for account access. Like a seasoned movie director, this growing repository of user profile data enables Deduce to spot a bad actor from a mile away — foresight that breeds stronger security and, most importantly, safer, happier customers.
Congrats to the entire Deduce team on the launch and funding. Ridge is proud to have a small hand in keeping online users and communities fraud-free.
