TruSTAR, cyber-security startup has announced it raising $2 million in seed round of funding led by Resolute Ventures, Silicon Valley-based seed-stage investment firm.
Being one of the first anonymous cyber incident sharing platform for companies, TruSTAR protects and incentivize business organizations to share cyber threat information through their privacy-preserving sharing, correlation and collaboration technology. Based in San Francisco and Arlington, the company’s network include top enterprise cyber security teams from across traditional industry and geographic silos.
Paul Kurtz, CEO and co-founder of TruSTAR said, ” “The recent debate around the passing of the Cybersecurity Information Sharing Act sent two clear messages,” said Paul Kurtz, CEO and co-founder of TruSTAR. “First, businesses believe that timely and actionable information-sharing is a vital part of their cybersecurity strategy. Second, incident-sharing cannot come at the cost of privacy “TruSTAR is committed to empowering companies to work together on cyber threats through privacy-preserving information sharing and collaboration. This new investment will allow us to continue to expand and advance our mission of connective defense.”
With the initial funding amount, TruSTAR plans to use to boost its product development and strengthen the team to meet up with the demands of TruSTAR’s very quickly growing customer base.
We decided to invest in TruSTAR because we firmly believe in the team, the technology and the timing of this innovation to change the game in cybersecurity,” said Raanan Bar-Cohen, co-founder and partner at Resolute Ventures. “We are confident that TruSTAR’s platform, combined with its vision of connective defense, will help companies drive to mitigation faster and increase the costs for cyber attackers.”
Years ago, cross-company collaboration on the very sensitive cybersecurity events came with risks of exposure of corporate or customer data, but not TruSTAR is addressing the concern with a “connective defense mission” and technology. The incident data from the members are correlated and enterprise operators together are connected with secure collaboration tools. So through this TruSTAR allows companies to quickly exchange incident information anonymously. The company uses private encryption keys that are generated and maintained by the client-side application and by using redaction technology to spot and remove private data before sharing.
“Cyber-criminals are constantly 10 steps ahead of us because they share threat and vulnerability data openly and collaborate to carry out malicious acts. We need to ask ourselves: why aren’t we doing the same when it comes to our defenses?” said Richard Clarke, TruSTAR advisor and former National Coordinator for Security, Infrastructure Protection and Counter-terrorism for the United States. “The benefits of stronger cooperation on cyber-threats are well understood, and that’s why TruSTAR’s vision of connective defense must become the reality.”