Vertex Ventures US co-leads $3m seed round in cybersecurity firm Fyde

Jose Pereira, Founder & CTO with Emilia Ferraz. Photo from Fyde's website

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.

 

Also Read:

Vertex Ventures co-leads $10m seed round in Israel’s Meta Networks

Vertex Ventures backs $4.7m seed investment in Israeli cybersecurity startup Cylus

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.