Cybersecurity company Deep Instinct has added PayPal Ventures to its existing investor base.
The new funding will help Deep Instinct accelerate the growth of the company and its threat prevention technology powered by deep learning, according to a Tuesday (March 7) press release.
“We are excited that PayPal Ventures sees the market potential of using deep learning to safeguard against cybercriminal activity by immediately preventing even the most advanced attacks,” Deep Instinct CEO Lane Bess said in the release. “With the support of our investors, I’m convinced that the future of cybersecurity is on the cusp of a long-awaited change inspiring every enterprise to adopt a prevention-first strategy.”
This investment comes on the heels of several other recent moves in the cybersecurity space.
CyberSmart raised 12.75 million pounds (about $15 million) Feb. 23 to expand its cybersecurity solutions business internationally and build out its cyber insurance offering.
On the same day, Plaid launched a public-facing portal called Security Portal that existing and prospective customers can use to access information they need to conduct cybersecurity due diligence efforts.
Ten days earlier, Accenture acquired Brazil-based cybersecurity firm Morphus and launched a cyber industry practice in Latin America.
Cyberattacks could pose a larger threat to insurers than systemic issues like pandemics and climate change, Zurich CEO Mario Greco said in December.
“What will become uninsurable is going to be cyber,” Greco said at the time. “What if someone takes control of vital parts of our infrastructure, the consequences of that?”
Deep Instinct aims to use deep learning to spot cyber threats before other solutions can, according to the press release.
The firm tripled its number of enterprise customers in 2022 and currently serves customers across North America, Europe and the Asia-Pacific (APAC) region, the release said.
“Deep Instinct has developed an industry-leading threat prevention platform, allowing enterprises to get ahead of cybercriminals and malicious threats,” PayPal Ventures Partner Alan Du said in the release. “We’re thrilled to invest in Deep Instinct and believe the company will help move the cybersecurity industry beyond its current detection and remediation focus to a prevention-first model.”
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