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SUMMARY
- Flare, a cyber threat intelligence startup based in Montreal, has raised $30 Mn in Series B funding.
- The round was led by Base10 Partners, with participation from Inovia Capital, White Star Capital and Fonds de solidarité FTQ.
- The new tech from Flare targets preventing account and session takeovers through the monitoring of stolen credentials and session cookies.
- From the funds received, the company will invest in technology, expand its teams, and grow its market.
Montreal-based cyber threat intelligence startup Flare has raised $30 million in a Series B funding round led by Base10 Partners, with participation from Inovia Capital, White Star Capital, and Fonds de solidarité FTQ.
The company is addressing the ever-growing danger posed by info-stealer malware, which enables hackers to obtain login credentials easily, most often from the dark web. In the past year alone, there has been a 266% increase in info-stealers usage, so Flare's new service, Account and Session Takeover Prevention feature, aims to counteract this growing problem. It monitors the dark web for stolen credentials and automatically resets the affected passwords to block further unauthorized access.
Flare's technology also looks for stolen session cookies that can be used to impersonate the legitimate users. According to Norman Menz, CEO at Flare, it is the use of stolen credentials from info-stealing malware which led to the Snowflake breach last year, even though nothing was compromised on the actual platform.
Flare is a company founded in 2017, which has differentiated itself from its peers by monitoring not just traditional dark web sources but also apps like Telegram, increasingly used by cybercriminals for both communication and command control. This unique capability gives Flare a competitive edge as it claims to have the largest repository of Telegram coverage in the industry.
With significant recent fundraising under its belt, Flare now serves over 250 customers, more than 40 of them countries, with a little more than 100 on its payroll.
Competition, aside, the fact that funding flowed into Flare today indicates that cyber threat intelligence is in increasing demand following many headline sales, like last summer's $2.65 billion sale of Recorded Future to Mastercard.
Fresh capital will be directed towards strengthening Flare's tech stack, expansion in new markets, and the betterment of its platform in a view to protecting businesses better against credential theft and session hijacking.
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