If you were a cybersecurity startup making your first appearance at a FinDEVr event, what would you bring to your debut?
How about more than $3 million in new funding?
Seattle-based Praesidio now has total capital of more than $5 million, courtesy of a new investment of $3.1 million led by Praesidio Chairman Jeff Lunsford and Vice Chairman Harold Brewer. Also participating in the round were Citizens National Bank, Live Oak Bank, and Washington Trust, which are customers of Praesidio as well as investors.
Praesidio Chief Technology Officer Sean Cassidy presented at FinDEVr 2015 in San Francisco.
Praesidio’s solution provides banks, credit unions, and other financial institutions with the ability to turn security-related Big Data into actionable intelligence. The technology uses machine learning to aggregate information from all of the institution’s security tools into a single, real-time management and reporting platform. This helps bridge the gap between IT and management, giving decision-makers the ability to clearly monitor and respond to potential security events wherever they appear on the network.
Talking about the company’s technology, Live Oak Bank president Neil Underwood said that deployment of Praesidio’s platform turned his bank’s security response from “reactive to proactive.” The deployment saved the bank “tens of thousands in hard expenditures instantly, averting fraud that could have had massive systemic and enterprise impact, with losses in the millions,” Underwood said.
Founded in May 2014 by CEO Edgardo Nazario, Praesidio made its FinDEVr debut last week in San Francisco. The company has 21 employees.