SAN FRANCISCO, CA--(Marketwired - February 09, 2017) - TruSTAR, the first security intelligence exchange platform built to incentivize information sharing, announced that it raised $5 million in Series A funding. The investment round was led by Storm Ventures, with additional contributions from Aspect Ventures, Resolute Ventures, and other prominent Silicon Valley investors. Storm's Tae Hea Nahm will join TruSTAR's board of directors. Over 50 companies are now exchanging intelligence data on TruSTAR, including customers from the Fortune 100 financial services, insurance, healthcare, cloud service provider, education, manufacturing and sports sectors. The new capital will be directly invested to scale platform features and accelerate customer success.
TruSTAR's growth comes from an expanding consensus among executives and security operators of the urgency for situational awareness of attacks underway around them. TruSTAR's platform gives customers control over their data while gaining knowledge of how their events correlate with other incidents in real-time. As companies see data relevant to them, they can easily submit, sanitize, and share data more broadly to the TruSTAR community, including ISACs, ISAOs and private or government organizations, without attribution. This exchange accelerates investigation and mitigation of threats and reduces fraud. TruSTAR's customer base includes individual companies looking to increase collaboration across disparate security teams, cross-sector collaboratives, company supply chain partners, as well as hosted exchanges, such as the Cloud Security Alliance's Cyber Incident Response Center and CyberUSA.
"Rackspace uses TruSTAR as a force-multiplier to help us deter and quickly get to the bottom of incidents and fraud," said Brian Kelly, CSO, Rackspace. "We must be unified by exchanging and operationalizing intelligence practically, timely and across sectors and companies."
"Truly disrupting an industry requires an innovative business model and a unique solution that meets the needs of an underserved market. Many security vendors are trying to become the platform-of-choice for cyber threat intelligence, but one solution by itself cannot meet the security needs of an enterprise," said Tae Hea Nahm, Managing Director at Storm Ventures and newest board member of TruSTAR Technology. "Instead, TruSTAR's business model is proving that intelligence exchange among companies is more valuable and a more efficient defense than standalone cyber threat tools."
"Companies can't afford to battle in an increasingly complex cyber security environment alone or in silos. The current economics are backward. As companies spend more to defend themselves, adversaries grow more sophisticated and capable," said Paul Kurtz, Co-Founder and CEO of TruSTAR. "Automated sensor and monitoring systems are costly and are gamed by adversaries. When we talk to security analysts, most agree that the most useful incident data available remains locked inside companies, until they began to use TruSTAR."
About TruSTAR Technology
TruSTAR is the first security intelligence exchange platform built to incentivize information sharing among enterprises. As companies see data relevant to them they can easily submit, sanitize, and share data to discover how cyber incidents relate to other companies. TruSTAR's vetted network includes elite enterprise cyber security teams from across sectors and around the world. The TruSTAR team is led by a seasoned team of domain specialists in intelligence sharing, cyber security, and product development. The company is led by Co-Founders Paul Kurtz, former White House cybersecurity advisor and private sector security executive; Patrick Coughlin, former security operator turned tech entrepreneur; and Dave Cullinane, former CISO of eBay. TruSTAR's offices are located in San Francisco, California and McLean, Virginia.