Vertex Ventures US has co-led a $3-million seed funding round in cybersecurity firm Fyde, which recently launched its app that intercepts phishing, smishing, and online account takeover attacks.
Vertex Ventures joins Draper Nexus in providing the startup, which also has an office in Porto, Portugal, with the seed funding to advance its service that seeks to help consumers protect their digital assets by stopping phishing attacks on mobile devices in real-time.
In a statement on its website, Fyde said it combines machine learning techniques with human analysis to differentiate between authentic and risky links and messages. This way, the company added, consumers are protected across all platforms.
“While some companies are focusing on legacy threats such as malware and ransomware, we’re zeroing in on the target that will dominate the next decade — wetware,” Fyde founder and CEO Sinan Eren said.
Fyde cited a report released by the Anti-Phishing Working Group that said there were 291,096 unique phishing attacks reported worldwide in the first of 2017. These attacks happened on 108,680 unique domains targeting 640 brands and reaching 12.4 million potential victims.
“Cybersecurity for the human factor is overdue for a disruption,” said Rio Maeda, managing director, Draper Nexus.
The Fyde app provides consumers with automatic blocking, instant alert, or actionable advice when a questionable site is identified, the company said.
With the seed investment, Maeda joins Fyde as its Board Director while Insik Rhee of Vertex Ventures joins Fyde’s board as an observer.