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The startup Abnormal Security, which uses artificial intelligence to prevent email attacks, is set to be valued at $5 billion in an upcoming funding round, according to two sources.<\/p>\n
The Californian company previously reported crossing the $100 million mark in annual recurring revenue in 2023, five years after it was initially founded.<\/p>\n
Business Insider<\/a> says two people who are familiar with the deal have quoted the new valuation ahead of a new round. Although, it\u2019s not yet known how much funding they will be raising and the terms of the deal could still change.<\/p>\n A huge $210 million was previously raised in 2022 in Series C venture funding in a deal that was led by Insight Partners alongside support from Greylock Partners, Menlo Ventures, and The Syndicate Group. A total of $374 million has been raised in venture funding.<\/p>\n At the time of the last round, the company was valued at $4 billion. The AI startup hasn\u2019t commented on the valuation.<\/p>\n Headquartered in San Francisco, the startup focuses on cloud-native email security and was founded by Evan Reiser and Sanjay Jeyakumar.<\/p>\n On LinkedIn, their overview reads: \u201cAbnormal provides total protection against the widest range of email attacks including phishing, malware, ransomware, social engineering, executive impersonation, supply chain compromise, internal account compromise, spam, and graymail.\u201d<\/p>\n Now more than ever, its services are gaining attention as hackers are using increasingly sophisticated attacks<\/a>.<\/p>\n It was just a few months ago when Microsoft suffered a password spray attack<\/a> which allowed the hackers to \u201caccess a very small percentage\u201d of the company\u2019s corporate accounts. This included members of its senior leadership team and employees in cybersecurity, legal, and other functions.<\/p>\n Other hacks have taken place over the last few years, with key emergency services being disrupted at times of need.<\/p>\n Aside from the need to bolster security, the AI industry has seen a huge rise in interest too as many startups are starting to receive significant investment.<\/p>\n For example, Elon Musk\u2019s xAI raised $6 billion in May after being valued at $24 billion and the French startup Mistral AI secured a deal at a $6 billion valuation in June.<\/p>\n Featured Image: Via Abnormal Security LinkedIn<\/a><\/strong><\/em><\/p>\n<\/p><\/div>\nWhat is AI startup Abnormal Security?<\/b><\/h2>\n