In the latest chunky funding round out of Europe, UK-based email security startup, Tessian, has closed $65 million in Series C funding. The startup applies machine learning to build individual behavior models for enterprise email use that aims to combat human error by flagging problematic patterns which could signify risky stuff is happening — such as phishing or data exfiltration.

The Series C round was led by March Capital. Existing investors Accel, Balderton Capital, Latitude and Sequoia Capital also participated, along with new investor Schroder Adveq.

The latest financing brings Tessian’s total raised to-date to $120M+, and values the company at $500M, it said today.

The 2013 founded startup last raised back in January 2019 when it closed a $40M Series B (news that was scooped by former TCer, Steve O’Hear). Prior to that it grabbed a $13M Series A in mid 2018.

Tessian has around 350 global customers at this stage, across the legal, financial services, healthcare and technology sectors — name-checking the likes of Affirm, Arm, Investec and RealPagem among them.

Over the past year there has been much coverage of the security risks associated with the pandemic-sparked remote working boom, as scores of white collars workers started logging on from home — expanding the attack surface area which enterprises needed to manage.

It’s a risk that’s been good for Tessian’s business: The startup says it tripled its Fortune 500-level customer base last year — “as enterprises required a solution that could protect them against (Read more...)