The $22 million round ‘validates’ what the company is seeking to do around web exposure management and regulatory compliance, a solution provider partner tells CRN.
Reflectiz, a vendor seeking to provide a new approach to web exposure management, announced Wednesday it has raised $22 million in a Series B funding round as the company looks to scale up its efforts with the channel.
The company is already working with a number of solution and service provider partners including Tevora, an Irvine, Calif.-based consultancy specializing in cybersecurity and compliance.
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Through working with Reflectiz over the past 18 months, Tevora has found that the vendor’s offering brings a non-intrusive approach to web security that helps substantially with meeting regulatory requirements such as PCI (Payment Card Industry) compliance, according to Joshua Jones, a regional vice president of sales at Tevora.
Reflectiz offers a continuous threat exposure management (CTEM) platform for monitoring and protecting websites against threats from third parties. The tool works by detecting scripts and data flows across a site rather than inside the browser as an extension would, according to Reflectiz.
Notably, the company’s CTEM tool is agentless and doesn’t require data access or installation of code.
First and foremost, Reflectiz is “providing information as to what they’re seeing on the website and information about how it helps solve PCI 4.0,” Jones said. “A lot of what they put together is really helping organizations make decisions around regulatory compliance, and that’s important to us.”
Threats such as credit card skimming or scraping of passwords and other sensitive data are often occurring prior to a security measure having visibility, he noted. And yet, previous attempts at addressing the issue involved creating policies to “try to catch something that’s constantly evolving,” Jones said.
By contrast, Reflectiz offers an approach that can spot such threats in real time, as they’re unfolding, he said.
“It’s very important to look at it on the source,” Jones said.
Crucially, Reflectiz excels when it comes to offering an approach to web exposure management that “doesn’t interfere with the consumer interaction,” he said. “That’s what most of our customers care about. Don’t interfere with performance. Don’t make it complex to install or use.”
Without a doubt, the new funding for Reflectiz is a major step that will add credibility to both what the company is offering and its sector of the market, Jones said.
“The VCs putting money into a company like Reflectiz really just validates what they’re trying to do,” he said.
The Series B funding round for Reflectiz was led by Fulcrum Equity Partners, with other investors including Capri Ventures, YYM Ventures and AFG Partners taking part.
Reflectiz plans to dedicate a significant portion of the new funding toward expanding its channel base, with a goal to substantially increase its share of revenue through partners in coming years, the company said in an email to CRN.
The company plans to soon formalize its partner program, build out its partner tiers and bring on a North America channel chief as well as a field and channel marketing team, Reflectiz said.
Founded in 2016 in Israel, and now establishing its global headquarters in Boston, Reflectiz has now raised at least $27 million in funding to date. The company’s co-founder and CEO is Idan Cohen, formerly the CTO of Cynet and a cyber research team leader in the Israel Defense Forces.
