Microsoft’s M12 leads $15m funding round for cyberfraud startup nsKnox
Microsoft’s Venture Fund, M12, and Viola Ventures have led a Series A investment round for nsKnox, a startup focused on providing corporate solutions to combat cyberfraud and financial theft.
On Tuesday, nsKnox said the $15 million funding round has now closed. M12 and Viola Ventures were joined by Israel Discount Bank’s Discount Capital investment unit and previous seed investors.
Founded in 2016, Boston and Tel Aviv-based nsKnox was launched by the founder and former Chairman and CEO of CyberArk, a Privileged Account Security firm which now accounts for thousands of companies including Fortune 500 organizations.
nsKnox offers what it calls “Cooperative Cyber Security (CCS)” solutions to protect “corporate payment systems against insider threats, cyberfraud, and data manipulation attempts.”
The firm’s solution, a payment verification and fraud detector called TxAuthority, is applied across each point in a digital transaction to give enterprise clients a real-time view of any suspicious or malicious behavior which could indicate fraudulent transactions.
TxAuthority also enforces payment policies and Sarbanes-Oxley Act (SOX) compliance.
nsKnox says that the funding will be used to expand its global customer base and to further develop the TxAuthority platform.
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“Businesses are so focused on protecting their data and the identity of their users that they are not doing enough to protect the very lifeblood of their organization — their money,” said nsKnox CEO Nir Tenzer. “nsKnox is bringing corporate payment protection into the digital age, arming companies in the battle against payment fraud, manipulation, and cybercrime. The backing of M12 and Viola Ventures is a tremendous vote of confidence in our ability to protect organizations worldwide and help them tackle this incredibly costly issue.”
Back in August, M12 led a $6.2 million Series A funding round on behalf of HYAS, a developer of a threat indicator platform for cybersecurity professionals. The venture arm has also previously invested in financial services company BlueVine.