Riot, an employee-focused cyber-protection software platform, announced a$ 30 million Series B financing round led by New York-based venture capital firm Left Lane Capital. The funding round brings Riot’s total raised capital to$ 45 million and includes participation from existing investors Y Combinator, Base10, and FundersClub.
This financing will help Riot expand its product development and expansion abroad, strengthening its place as a market leader in employee cybersecurity.
Companies have grown concerned about the increased capabilities of hackers as a result of the development of relational AI. Artificial intelligence makes it easier for malicious actors to develop more customised and accurate episodes designed to deceive collaborators as the availability of publicly available data online increases. So, people are extremely vulnerable to cyber dangers, as witnessed by the motion of phishing situations, which have increased by 1, 265 % in the last two decades.
Riot’s platform even goes beyond standard digital awareness solutions, which generally rely on common, unengaging training modules. By easily integrating with an organization’s IT stack, Riot did examine employees ‘ cyber posture, detect possible vulnerabilities like the lack of solid authentication on certain services, and actively guide employees in resolving these weaknesses. Riot will depend on its online resource, Albert, who will send practical advice via Slack or Microsoft Teams in real time.
Since its founding in 2020, Riot has grown to protect more than 1, 500 businesses across all sectors, including technology leaders like Mistral AI, Y Combinator, and Modern Treasury, and established companies like asL’Occitane, Deel, Intercom, and French magazine Le Monde.
In 2024, the business also surpassed$ 10 million in annual income, which is another year of major triple-digit growth. Additionally, the new money will help Riot expand internationally, with plans to open two new offices and increase its latest labor within the next twelve months.
KEY QUOTES:
Hackers are utilizing the most recent advancements in artificial intelligence to create highly targeted and sophisticated attacks that can deceive the most vigilant staff members. We are working against the clock to create tools that will shield businesses from these new threats. By 2027, we want to protect more than ten million of our workforce.
- Benjamin Netter, Founder and CEO of Riot
” As AI technology continues to mature, phishing attacks will become more sophisticated, personalized, and harder to detect. The best defense against these evolving threats is to equip your team with the right tools and knowledge. The first line of defense against cyber attacks is Riot’s innovative approach that emphasizes employees as the innovative approach. These training and prevention tools are now more important than ever because of the high costs associated with a data breach or cyberattack’s impact on businesses.
- Matthew Miller, Partner at Left Lane Capital