Area 1 Security Raises $25 Million in Funding Led by ForgePoint Capital to Drive Fast-Growing Cloud Email Security Market
Company adds cybersecurity veteran and ex-Dell/SonicWall executive, Patrick Sweeney as CEO
Area 1 Security, the first and only preemptive email security company, announced it has closed $25 million in growth funding led by new investors, ForgePoint Capital, along with current investors Kleiner Perkins, Icon Ventures and Top Tier Capital. The company also announced the appointment of cybersecurity industry leader, Patrick Sweeney, as CEO. Sweeney comes to Area 1 Security with more than 25 years of high-tech executive and general management experience. He most recently served as CEO of Talari Networks (sold to Oracle in 2019) and held senior executive roles at Dell and SonicWall, where he consistently drove exceptional growth and financial performance.
The adoption of cloud-based email by companies large and small is now mainstream. According to Gartner’s Email Security Market Guide, more than 70 percent of corporate email will be cloud-native — principally Microsoft Office 365 and Google Gmail — by 2021. In a world where the inbox is in the cloud, the architectures of legacy Secure Email Gateway (SEG) vendors continue to be challenged and are a vestige of the past, particularly when it comes to Business Email Compromises and other targeted threats. Advanced phishing protection, Multi-mode inspection, Cloud-native scale and integrated prevention, detection and response have emerged as key criteria for protecting organizations as they migrate away from traditional Secure Email Gateways to Cloud Email Security solutions, instead.
“Email security is fundamentally broken, with phishing attacks consistently breaching defenses, leading to significant business losses for organizations large and small. The simple fact is that 95 percent of breaches begin with a phish disguised as an innocuous email,” said Sweeney. “By focusing on the earliest stages of an attack combined with the industry’s leading small pattern analytics technology, Area 1 is uniquely able to bring preemption to email security. We stop phishing campaigns prior to their inflicting damage.”
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