Safety First: Friday Dealbook for 8/14/2020

August 14, 2020
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This week’s featured companies are working hard to keep consumers safe on the wild west of the internet. Ironscales, an anti-phishing platform, and Keyless, a passwordless authenticator, raised $23 million and $2.13 million, respectively, to further develop their platforms and accelerate growth into new markets. Perimeter 81 raised $40 million to ensure zero-trust access to both on-prem and cloud infrastructures, a key area of focus in our continued remote work environment.

Speaking of safety – have you checked out the first post of our multi-part series on nationalism and its relationship to consumer safety and data protection? Read it here, and look out for part two coming soon!

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The Top Deals Covered by OWI this Week

Keyless \ keyless.io \ Founded in 2019

Developer of an authentication and identity management platform designed to secure data. The company’s platform combines biometrics technology with a portable infrastructure for identity to ensure data privacy, enabling clients to solve the complexity of authenticating across the web. 

The company raised $2.13 million (EUR 1.8 million) of seed funding in a deal led by P101 on August 7, 2020. Primomiglio SGR, Luiss Alumni 4 Growth, Maire Investments, and other undisclosed investors also participated in the round. The funds will be used to accelerate its mission to end large-scale data breaches caused by compromised login credentials.

Perimeter 81 \ perimeter81.com \ Founded in 2018

Developer of a platform designed to simplify local networks, cloud infrastructures, and business applications. The company’s platform ensures zero-trust access to on-premise resources and critical cloud environments with one unified cloud platform and secures zero-trust access to web applications, SSH, RDP, VNC, or Telnet, through resilient IPSec tunnels – without an agent, enabling clients to fully build, manage, and secure networks from the multi-tenant cloud. 

The company raised $40 million of Series B venture funding in a deal led by Insight Partners on August 11, 2020, putting the company’s pre-money valuation at $160 million. Spring Ventures (Israel), SonicWall, and Toba Capital also participated in the round. The funds will be used to accelerate hiring for multiple positions across the company’s Sales, Marketing, and research & development teams, opening a new office in California, and development to further the company’s disruption of the traditional VPN and firewall markets.

Ironscales \ ironscales.com \ Founded in 2013

Developer of an automated platform intended to address the challenges of email phishing. The company’s platform uses a combination of machine learning and human intelligence to offer phishing simulation training, detection, incidence responses and automated intelligence sharing, enabling organizations to protect themselves from the threat of phishing and make emails secure

The company raised $23 million of Series B venture funding in a deal co-led by K1 Investment Management and Jump Capital on August 10, 2020, putting the company’s pre-money valuation at $25.55 million. RDseed and other undisclosed investors also participated in the round. The funding raised will be used to further accelerate growth through market expansion and ongoing R&D of its email security platform.

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Investor Highlight

K1 Investment Management \ k1capital.com \ Founded in 2014

Founded in 2011, K1 Investment Management is a private equity firm headquartered in Manhattan Beach, California. The firm prefers to invest in enterprise software companies globally.

Active Portfolio – 27

Investments (TTM) – 12

Med. Round Amount – $37.00M 

Med. Valuation – $129.50M

Exits – 18

Deal History

In the past year, K1 Investment Management has invested in the following 4 identity companies:

Entreda

Host Compliance

Ironscales

Valiant

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*Source: PitchBook Data Inc. with proprietary keyword searches set by OWI Analysts