Riot, a French employee-focused cyber-protection software platform, has raised $30 million in Series B funding. The round was led by New York-based venture capital firm Left Lane Capital alongside participation from existing investors – Y Combinator, Base10, and FundersClub.
This investment will fuel Riot’s product development and international expansion, further solidifying its position as a market leader in employee cybersecurity. The funding round brings Riot’s total raised capital to $45 million at a valuation of $170 million.
To open new international offices
The company will use the new capital to double its headcount over the next 12 months. In parallel, it plans to open two new international offices and accelerate feature development efforts. It’s developing new cybersecurity training capabilities along with enhancements to its existing phishing campaign simulation tool.
AI-enhanced cyber threats
The rapid rise of generative AI and the widespread availability of digital data have empowered hackers to craft highly sophisticated cyberattacks. These AI-driven threats, such as personalised phishing attacks, exploit human vulnerabilities, making employees more susceptible. As a result, there is a staggering 1,265% rise in phishing incidents over two years, exposing businesses to significant security risks.
Riot combats these threats by leveraging AI-driven security solutions designed to detect and neutralise sophisticated attacks.
Strengthens cyber resilience
Founded in 2020 at Y Combinator by Benjamin Netter and Louis Cibot in Paris, Riot is the first real-time employee cybersecurity monitoring solution. The platform enables cybersecurity teams in companies of all sizes to assess and improve the cyber posture of their employees, making them the first line of defence against hackers.
Its approach includes:
- AI-powered threat detection: Albert, an AI-powered chatbot identifies and mitigates personalised phishing attempts before they reach employees.
- Automated response mechanisms: Reacts in real time to contain potential breaches.
- Employee training & awareness: Uses AI simulations to enhance cyber hygiene and reduce human error.
It provides more than 400 phishing email templates along with spoofed domains, or domains that closely resemble the URLs of legitimate companies’ websites.
Customer base
As per Riot, its platform currently protects about 1 million workers across more than 1,500 companies. Those companies include Mistral AI and Y Combinator, one of the participants in the software maker’s latest funding round. Also, Riot says its annual revenue topped $10 million last year.
“Hackers are leveraging the latest innovations in artificial intelligence to create extremely targeted and sophisticated attacks capable of deceiving the most vigilant employees,” said Benjamin Netter, Founder and CEO of Riot. “We’re in a race against time to develop tools that will protect businesses from these new threats. Our goal with Riot is to protect more than ten million employees by 2027.”
This proactive approach is designed to complicate life for hackers, who rely on shortcomings in employee security posture to launch successful attacks. “As AI technology continues to mature, phishing attacks will become more sophisticated, personalised, and harder to detect. Empowering your team with the right tools and knowledge is the best defense against these evolving threats,” said Matthew Miller, Partner at Left Lane Capital. “Riot’s innovative approach focuses on employees as the first line of defense against cyber attacks. The cost of a data breach or cyberattack has significant financial and reputational implications for companies, making these training and prevention tools a necessity now more than ever.”
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