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The latest from inside Icon and our portfolio companies.

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Ionic Security Secures $45 Million Growth Round

Amazon.com Inc., Goldman Sachs and Hayman Capital Join Impressive List of Equityholders Ionic Security Inc., a pioneer of high-assurance data protection and control, announced today that it has raised US$45 million in a growth round of funding and welcomed Amazon.com Inc., Goldman Sachs (NYSE: GS) and Hayman Capital as equity holders. This growth round brings the total funding to date for Ionic to US$122 million. Existing investors, including GV (formerly Google Ventures), Icon Ventures, Kleiner Perkins Caufield & Byers, Meritech Capital Partners, and Tech Operators also participated in the round. Goldman is an early Ionic platform adopter and was one of the company’s first customers. Funds will be used to accelerate the global adoption of the Ionic platform beyond the Fortune 100.

Business Insider

20 Women In Finance You Should Add To Your Company’s Board

VentureBeat

2016: The year VC investors return to capital efficiency

02.13.17

news

Armanino Cuts Bill Pay Process Time For Their Clients with Bill.com

Bill.com announced today that the Outsourced Finance & Accounting practice group of Armanino LLP, the largest independent accounting and business consulting firm based in California, has used Bill.com to introduce more efficiency into its clients’ accounts payable process.

Bill.com, the leading company creating magically simple business payments, has helped the firm reduce the time needed for bill pay each year by the equivalent of 9.6 work weeks. With the move to paperless bill pay with Bill.com, Armanino also saves its clients additional costs by eliminating supplies such as check stock, envelopes, printing cartridges and postage.

“As a firm, we are focused on introducing technology to improve efficiencies for our clients. Bill.com has helped on both fronts. Before using Bill.com, Armanino’s accountants spent an average time of 15 minutes per bill to complete the accounts payable process. The complete process included setting up vendors, processing the bills, printing and mailing the checks and responding to client and vendor questions. Using Bill.com, we reduced that time by an average of 30% or closer to 10 minutes per bill,” said David Miller, CPA, director of Armanino’s Outsourced Finance & Accounting department.

02.12.17

Bloomberg

Pentagon Hires Hackers to Target Sensitive Internal Systems

The Pentagon is paying hackers to test its key internal systems for vulnerabilities — and they are finding weaknesses faster than expected.

In a pilot project this past month, the Pentagon’s Defense Digital Service let about 80 security researchers into a simulated “file transfer mechanism” the department depends on to send sensitive e-mails, documents and images between networks, including classified ones. The effort was important enough that staff for new Defense Secretary James Mattis were briefed on the ongoing program his first day on the job.

Lisa Wiswell, whose title at DDS is “bureaucracy hacker,” said she told Pentagon cyber analysts to be on standby after the program started Jan. 11, but added that nothing would likely turn up for a week. Within hours, though, the first report from a hacker highlighting a risk arrived.

02.9.17

news

Devicescape Engage Brings Unmatched Scale To Proximity Marketing With Huge Wi-Fi Beacon Network

New proximity solution makes direct engagement with consumers an instant reality at millions of high footfall locations.

Devicescape today launched a proximity marketing solution capable of serving engagement messages, directly to consumers’ smartphones, at any location with Wi-Fi.

Already carrying commercial campaigns for top consumer brands, Devicescape Engage brings immediate scale to proximity marketing by augmenting ordinary, pre-deployed Wi-Fi access points with beacon-like functionality.

The huge collection of access points within Devicescape’s global Curated Virtual Network (CVN) can now be used to by brands to establish consumers’ presence in millions of popular locations, and to trigger the delivery of highly targeted engagement messages in the form of lock screen notifications.

Entirely software-based, requiring no new hardware and no modification to existing infrastructure, Devicescape Engage positions the CVN as by far the single largest proximity engagement platform in the world.

02.8.17

Business Insider

20 Women In Finance You Should Add To Your Company’s Board

Finding women to add to a company’s board is even harder since the job listings aren’t posted publicly and advertised widely to attract a diverse network, says Sukhinder Singh Cassidy, CEO of Joyus and founder of theBoardlist.

“When a board seat opens, the typical process is that a CEO will turn to their few, most trusted peers for recommendations of potential board members, who in turn give recommendations of their few, most trusted peers,” Singh Cassidy told Business Insider.

“Because our closest networks are usually very similar to ourselves, this process doesn’t necessarily yield a lot of diversity — not only of gender or race, but educational background, functional expertise or industry. While there may be no intent to actively exclude any group, this lack of diversity in networks means that opportunities aren’t exposed to a broader pool of talent.”

02.8.17

news

Duetto To Provide Revenue Strategy Solutions For EasyHotel

Duetto, the market leader in hotel profit optimization technology, announced today that it will implement its cloud-based revenue strategy solutions, GameChanger and Scoreboard, for easyHotel plc (AIM:EZH), the owner, developer, operator and franchisor of “super budget” branded hotels in European gateway markets. The agreement comes as easyHotel expands its portfolio of company owned and franchised properties quickly across Europe.

“We are very happy to announce this partnership with easyHotel, one of Europe’s fastest-growing and most disruptive lodging brands,” said Duetto CEO Patrick Bosworth. “Duetto’s GameChanger and Scoreboard revenue strategy solutions provide a platform for fully optimizing revenue, managing distribution complexity and scaling quickly. We are excited to bring the benefits of Open Pricing and revenue optimization to easyHotel, as we continue to grow aggressively throughout Europe and worldwide.”

Duetto partners with many of the leading hotels and brands around the world. More than 1,500 hotels and casinos in more than 60 countries have partnered to use Duetto’s Revenue Strategy and Revenue Intelligence platforms.

02.7.17

news

Teladoc Partners with Compass to Provide In-Network PCP and Specialist Referral Services

Teladoc, Inc. (NYSE: TDOC), the undisputed leader in telehealth, providing access to care for millions, announces today its partnership with Compass Professional Health Services® (Compass) to provide in-network referrals that align with the Teladoc physician quality standards. Teladoc members seeking a primary care physician (PCP) or a specialist, including oncologists, orthopedists and others, can now request and receive a referral within one business day.

Surprising to many, it is estimated that 62 million Americans do not have access to a PCP1. Furthermore, research2 shows that patients who have a PCP relationship demonstrate better management of chronic disease, have 30 percent lower health care costs, and have a 70 percent reduction in unnecessary trips to the emergency department. Working with Compass, Teladoc will extend its ability to provide continuity of care while enabling its members to derive maximum value from their telehealth benefit through easier access to in-network providers.

02.7.17

news

Exabeam Secures $30 Million in Series C Funding to Disrupt Security Intelligence Market

Exabeam, a leader in security intelligence solutions, today announced it raised $30 Million in series C funding, led by Lightspeed Venture Partners and Cisco Investments, designed to support Exabeam’s continued disruption of the multi-billion dollar Security Information and Event Management (SIEM) market. Ravi Mhatre of Lightspeed will be joining the Exabeam Board of Directors. In addition to new lead investor Lightspeed Venture Partners, existing investors Norwest Venture Partners, Aspect Ventures, Icon Ventures, and Shlomo Kramer participated in the round.

As data breaches continue to increase in both frequency and impact, organizations of all sizes struggle to detect, analyze, and respond to cyber threats. While SIEM products have traditionally been viewed as a primary means for detecting complex attacks, these solutions are no longer effective. Last year:

  • There were 25% more data breaches than in 20151
  • 92% of external cyber attacks aimed to steal user credentials2
  • 66% of insider threats involved intentional privilege misuse3
  • The average incident took 50 days to contain and investigate4

02.6.17

news

RedSeal Extends Digital Resilience Platform Across Network Environments, Improves Security and Network Teams’ Productivity with New Integrations

RedSeal (www.redseal.net) announced enhancements and new integrations for its market leading network modeling and risk scoring platform. The enhancements will give RedSeal users a single, comprehensive understanding of network security across their datacenter, cloud and software-defined networks.

The enhancements also help security teams be more productive despite ever-increasing demands by delivering actionable intelligence from RedSeal’s network modeling platform directly into Splunk’s Enterprise Security SIEM, Rapid7’s Nexpose vulnerability management software, and ForeScout’s CounterACT.

02.1.17

news

RedSeal Reaches Profitability in 2016 with Strong Year-Over-Year Growth

RedSeal (redseal.net), the leader in network modeling and cyber risk scoring, today announced its 2016 bookings were up 45 percent compared to the previous year, and the company was cash flow positive nearly $5 million in the fourth quarter alone.

Demand for RedSeal’s network modeling and risk scoring platform is steadily growing as security teams seek to combat cyber attacks by gaining a comprehensive understanding of network security across their datacenter, cloud, and software-defined networks.

“It’s not a question of if an organization will suffer a security breach, but when,” said Ray Rothrock, CEO of RedSeal. “That’s why digital resiliency has become a critical part of any effective cyber defense strategy. To minimize harm and loss, organizations must be able to operate through impairment and rebound quickly. To do that, they need a network modeling and risk scoring platform that puts decision-making power right in their hands.”

01.31.17

news

Exabeam Launches Next-Generation Security Intelligence Platform

Exabeam, the market leader in User and Entity Behavior Analytics, today announced its new Security Intelligence Platform, designed to decrease the risk of cyber threats for organizations of any size.

Recent data breaches continue to demonstrate that security management is broken — attacks using stolen or misused passwords keep rising, and companies cannot detect or respond to them effectively. Breaches now have national and international impact. They are serious and require new approaches to detect them and shut them down.

To address credential-based attacks, IT security organizations see the need to collect massive amounts of activity data, to connect that data and detect threats, and to respond effectively to shut down threats completely. This type of collection, analysis, and response has traditionally been performed via Security Information and Event Management (SIEM) solutions, a $2.1 billion market in 2016, growing to $3 billion by 2020. However, SIEM products are no longer able to detect credential-based attacks, whether from a hacker using stolen passwords or from a malicious employee using his or her own access rights. These products limit data collection by pricing by the byte. Even worse, large shortfalls in security expertise mean that firms are unable to solve their problems simply by hiring more experts — they don’t exist.

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