Material, an email security startup, is emerging from stealth mode Tuesday with $22 million in funding, including from a round led by legendary tech VC Andreessen Horowitz.
The company takes a unique new approach to protecting email: it assumes your account will be hacked and protects the most sensitive information.
The startup was launched after leaked emails changed the 2016 presidential election and the cofounders realized there was no product to address an email hack.
The product asks users to authenticate their identity to access sensitive emails or to access an email sent to change a password.
Visit Business Insider’s homepage for more stories.
Material, an email-security startup with $22 million in funding, is coming out of stealth mode on Tuesday with lofty goals (such as stopping election hacking), big customers (like the food company Mars), and support from top leaders in tech (such as the CEO of Dropbox).
After leaked emails changed the course of the presidential election, three friends who met as engineers at Dropbox realized there was a glaring need for a product that could address an email hack after it had already happened.
When hackers stole thousands of emails from Hillary Clinton’s campaign, “there was nothing anyone could sell them that would help with that” says Ryan Noon, the company’s cofounder and CEO. “And we had an idea.”
Noon, along with cofounders Abhishek Agrawal and Chris Park, started working on a new approach to email security: Protecting sensitive emails after a hack.
The company began working in stealth mode in 2017 and has hooked customers like Mars, the sixth-largest private company in the world with $37 billion in annual revenue, sound system company Sonos, and data security firm Cloudera. In testimonials on Material’s website, Mars calls the new firm’s email solution “remarkable.”
Andreessen Horowitz, the legendary VC firm that led investments in Airbnb, Box, and Facebook, lead Material’s $15 million Series, which has raised $22 million overall. Other backers include HackerOne cofounder Alex Rice and the cofounders’ former boss, Dropbox CEO and billionaire Drew Houston.
Andreessen Horowitz general partner Martin Casado said he first decided to invest in Material because it “focuses on the inbox rather than the traditional cat-and-mouse game of email security, just trying to keep hackers out, which often has negative results.”
Some 90% of cyberattacks start with a phishing email, studies show, and a hacked email account can lead to access …read more
Source:: Business Insider