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TMCNet:  PhishLabs Secures Series A Funding to Address Unprecedented Demand for Cybercrime Services

[February 04, 2013]

PhishLabs Secures Series A Funding to Address Unprecedented Demand for Cybercrime Services

CHARLESTON, S.C. --(Business Wire)--

PhishLabs today announced it has completed a $1.2 million Series A round of venture financing. The investor syndicate includes security industry veteran Tony Prince, former chief executive officer of managed security services company LURHQ, which was acquired by SecureWorks in 2006.

Leveraging decades of Internet security experience, PhishLabs combats all types of Internet threats by attacking the entire cybercrime ecosystem. The company provides comprehensive, best-in-class cybercrime management services to cost-effectively prevent and mitigate attacks, and protect the integrity of trust in online channels. PhishLabs services extend beyond simply shutting down attacks when they occur; they proactively target the infrastructure used to plan and carry out attacks, thereby preventing future attacks from occurring.

"PhishLabs empowers our customers to take a more active role in fighting cybercrime," said John LaCour, PhishLabs founder and chief executive officer. "We empower our customers to prevent futre attacks rather than just clean up after they occur -- targeting the entire fraud ecosystem and infrastructure. This funding will help us accelerate sales and marketing initiatives and continue innovating to stay ahead of market demand, as well as evolving threats."

PhishLabs clients include large national and international banks, credit unions, ecommerce companies, service providers and social networking companies. In addition to anti-phishing, anti-malware and anti-vishing solutions, PhishLabs' offerings include services that mitigate and prevent denial-of-service attacks, job scams, brand abuse, rogue mobile applications and other cyber threats.

Lead investor, Tony Prince, also an operating partner at Frontier Capital, has over 15 years experience operating business service and IT security companies. He was the founder and chief executive officer of LURHQ, which grew into one of the premier IT security companies in the United States and was acquired by SecureWorks, now a division a Dell (News - Alert). Today, SecureWorks continues to use the technologies developed at LURHQ to secure thousands of businesses nationwide. Prince is also joining the PhishLabs Board of Directors.

"While many vendors take a passive approach to cybercrime that does little to actually deter fraud, PhishLabs is taking a much more aggressive and proactive approach. It is empowering banks and other online businesses to not only defend themselves, but target the attackers directly. This innovation, along with the customer excitement and demand it is creating, led to my interest and investment in the company," said Prince.

About PhishLabs

PhishLabs is a leading provider of security services that help prevent credential theft, stop fraud losses, and protect the trust earned from customers. Partnering with customers to extend existing protection efforts and effectively fight cybercrime, the company's comprehensive set of anti-phishing, anti-malware, and other ecrime management services enable enterprises to reduce the number, size and impact of attacks - thus reducing an attacker's return on investment (ROI). The company goes beyond simply stopping identified attacks, targeting the infrastructure used to plan and execute attacks. The company's unique fixed-fee business model creates client relationships that are focused on measurably reducing attacks, rather than on the analysis and response services of traditional providers that yield minimal changes to the number or severity of attacks.

For more information, visit http://www.phishlabs.com or contact info@phishlabs.com.


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