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Dec 11, 2024, 11:56 ET
Investment will enable cybersecurity leader to tackle threat exposure management market
MONTREAL, Dec. 11, 2024 /PRNewswire/ – Flare, the global leader in Threat Exposure Management (TEM), announced today its USD $30 Million Series B Round led by Base10 Partners with participation from Inovia Capital, White Star Capital, and Fonds de solidarité FTQ. Flare has seen consistent traction with triple digit year over year growth in both 2023 and 2024.
Flare expects to increase investments in EU expansion and further accelerate growth in North America and Europe more broadly. As Flare continues to expand its market presence, the solution has been pivotal in driving growth for its customers.
“What sets Flare apart is their superior data collection capabilities – providing us with actionable intelligence on attacker-used credentials and target systems that directly informs our testing,” said Kevin Johnson, CEO of Secure Ideas. “The platform integrates seamlessly into our business model, allowing us to deliver more realistic and valuable assessments to our clients. In an industry where staying ahead of threat actors is crucial, Flare’s comprehensive threat intelligence capabilities significantly outperform competing solutions.”
The Series B funding aligns Flare as the leader in Security Intelligence and Threat Exposure Management for the enterprise and mid-market. Flare is focused on leveraging the latest advances in Language Models and advanced data science techniques to extract insights out of one of the world’s most sophisticated cybercrime data sets.
“Flare’s rapid growth and relentless drive for innovation make it a natural fit for us to partner with them,” said Jason Kong, Partner at Base10 Partners. “Norman and team have taken a unique approach to threat exposure management that raises the bar in cyber intelligence, empowering security teams to stay ahead in an increasingly complex landscape. Flare’s dedication to integrating advanced language models and data science to deliver meaningful, actionable insights aligns for cybersecurity perfectly with our mission to support founders who solve real-world problems for the many, not just the few.”
In August 2024, Flare launched its Threat Flow module – the security industry’s first transparent generative AI application that delivers timely, relevant, and trustworthy reports of threat actor activity on the dark web, enabling scaled research and reporting for security teams, validated with a 98% accuracy.
Industry analyst and cybersecurity thought leader Richard Stiennon, former Gartner VP and current Chief Research Analyst at IT Harvest, offers insight into the impact of Flare’s innovations. “With this investment round, Flare is well-positioned to enhance its exposure data collection capabilities and advance the application of generative AI in threat intelligence use cases,” said Stiennon.
To learn more, visit https://flare.io.
About Flare
Flare is the leader in Threat Exposure Management, helping organizations of all sizes detect high-risk exposure found on the clear and dark web. Combining the industry’s best cybercrime database with an incredibly intuitive user experience, Flare enables customers to reclaim the information advantage and get ahead of threat actors. For more information, visit https://flare.io.
About Base10 Partners
Founded by Adeyemi Ajao and TJ Nahigian, Base10 is a San Francisco-based venture capital fund investing in founders who believe purpose is key to profits and in companies that are automating sectors of the Real Economy. Through its program the Advancement Initiative, Base10 donates a portion of firm profits to underfunded colleges and universities to support financial aid and other key initiatives. Portfolio companies include Notion, Figma, Stripe, Wealthsimple, SecureFrame, Todyl, and Riot.
SOURCE Flare