Today, Agari proudly announced a $40M investment led by Goldman Sachs Growth Equity that also included all our existing investment partners. And as thrilled as we are with the vote of confidence this infusion of capital represents, what really excites me is what this means for Agari’s ability to scale its mission: to help companies and organizations of all kinds secure trust in their business.
Our premise is simple. Businesses must embrace digital strategies such as cloud and SaaS models to grow, but as they do, they increase their attack surface. And despite decades of technical development and billions of dollars of investment, cybercriminals can bypass traditional defenses by simply attacking the human part of your network and tricking people into trusting an email they shouldn’t. It’s a vicious catch-22 in which a systemic lack of trust throttles growth.
The stats are shocking. Companies are three times more likely to get breached by identity-based attacks than actual vulnerabilities or malicious content. Phishing alone represents 98% of all identity-oriented attacks, and email is still the entry point for 96% of breaches. According to the FBI, BEC victim dollar losses are 50+ times more than malware and ransomware combined. And our legacy security systems simply aren’t working, because there’s no malware or malicious content to detect. In short, we’re facing an epidemic of identity deception—and it’s costing us more than we know.
The real cost is an erosion of our ability to rely on the very digital business processes that are meant to fuel our growth, revitalize our economy, and transform our industries. The real cost is a loss of trust in business, period.
But it doesn’t have to be this way. Agari’s ingenious use of predictive AI to automatically detect and block these kinds of identity-based attacks is changing the game for individuals, businesses and government agencies of all kinds. No longer do we have to fall victim to impostors preying on our trust in each other. No longer do we have to accept the risk of cyberattack as a necessary tradeoff as we embrace digital and cloud-based business strategies. We can protect people and businesses against identity deception.
That’s our mission. That’s why today’s investment means so much to me, personally. It’s a chance to protect even more companies and people from falling prey to digital impostors at an even greater scale. It’s not just an investment in Agari. It’s an investment in securing trust in business.
True, there will always be a new and emerging threat to deal with. Over time, as more and more businesses embrace digital strategies and attack vectors continue to expand, cybercriminals will look for more and more ingenious ways to bypass perimeter- and content-based defenses. And if our approach relied on predicting the tactics of cybercriminals or modeling all the ways they could try to deceive us, we’d be fighting a losing battle.
But Agari’s Identity Intelligence engine is focused squarely on understanding what valid, trustworthy communications look like and how they behave—because we model the good, not the bad—we’re able to change the game. It’s a predictive AI-approach based on the largest data set of its kind, looking at 2 trillion emails each year, and constantly adapting with 300 million model updates daily. The net result is that our customers are able to get out in front of the next wave of identity deception and defend the lifeblood of their business—trust.
As an entrepreneur, and as someone who loves watching our customers grow, this is what personally excites me most about where we’re headed next. We see a future in which people can inherently trust digital business because advanced email attacks are continually being detected and blocked using AI to separate the good from the bad. We see a world protected from identity deception, in which companies, brands and individuals thrive because trust in their business and their identities is secured. We see a world in which the next frontier of security—identity—is kept safe by a predictive AI defense system that just gets smarter with every communication it examines.
I couldn’t be prouder of the people who’ve worked so hard for so long to put Agari in the position we are today—our employees, our customers, our partners, and our investors. We’re united in this common vision of securing trust in digital business at a time when that trust is more important than ever. And to each of you I say, thank you. The best is yet to come.