Abnormal Security Corp. raised $250 million in a funding round valuing the startup at $5.1 billion, highlighting investors’ appetite for AI companies trying to reinvent existing technology categories like security.
San Francisco-based Abnormal uses AI to protect customers from email- and app-based cyberattacks. It has gained traction as “the rise of generative AI has enabled even petty criminals to create highly-sophisticated attacks at scale,” the company said in a statement.
Chief Executive Officer Evan Reiser and Chief Technology Officer Sanjay Jeyakumar, who founded the company in 2018, previously worked together at Twitter. There, Reiser led product management and machine learning teams for the ad business and Jeyakumar was systems architect.
Abnormal is on track for $200 million in annual recurring revenue, the company said.
Wellington Management led the most recent financing, which included existing investors Greylock Partners, Menlo Ventures, Insight Partners and CrowdStrike Falcon Fund.
Abnormal last raised $210 million at a $4 billion valuation two years ago in a deal led by Insight Partners.
Written by: Sarah McBride @Bloomberg
The post “Abnormal Security Clinches New Funding at $5.1 Billion Valuation” first appeared on Bloomberg