DNSFilter secures $30M Series A to step up fight against DNS-based threats
DNSFilter, an artificial intelligence startup that provides DNS protection to enterprises, has secured $30 million in Series A funding from Insight Partners.
DNSFilter, as its name suggests, offers DNS-based web content filtering and threat protection. Unlike the majority of its competitors, which includes the likes of Palo Alto Networks and Webroot, the startup uses proprietary AI technology to continuously scan billions of domains daily, identifying anomalies and potential vectors for malware, ransomware, phishing, and fraud.
Most of our competitors either rent or lease a database from some third party," Ken Carnesi, co-founder and CEO of DNSFilter tells TechCrunch. We do that in-house, and it's through artificial intelligence that's scanning these pages in real-time."
The company, which counts the likes of Lenovo, Newegg, and Nvidia among its 14,000 customers, claims this industry-first technology catches threats an average of five days before competitors and is capable of identifying 76% of domain-based threats. By the end of 2021, DNSFilter says it will block more than 1.1 million threats daily.
DNSFilter has seen rapid growth over the past 12 months as a result of the mass shift to remote working and the increase in cyber threats and ransomware attacks that followed. The startup saw eightfold growth in customer activity, doubled its global headcount to just over 50 employees, and partnered with Canadian software house N-Able to push into the lucrative channel market.
DNSFilter's rapid growth and efficient customer acquisition are a testament to the benefits and ease of use compared to incumbents," Thomas Krane, principal at Insight Partners, who has been appointed as a director on DNSFilter's board. The traditional model of top-down, hardware-centric network security is disappearing in favor of solutions that readily plug in at the device level and can cater to highly distributed workforces"
Prior to this latest funding round, which was also backed by Arthur Ventures (the lead investor in DNSFilter's seed round), CrowdStrike co-founder and former chief technology officer Dmitri Alperovitch also joined DNSFilter's board of directors.
Carnesi said the addition of Alperovitch to the board will help the company get its technology into the hands of enterprise customers. He's helping us to shape the product to be a good fit for enterprise organizations, which is something that we're doing as part of this round - shifting focus to be primarily mid-market and enterprise," he said.
The company also recently added former CrowdStrike vice president Jen Ayers as its chief operating officer. She used to manage their entire managed threat hunting team, so she's definitely coming on for the security side of things as we build out our domain intelligence team further," Carnesi said.
With its newly-raised funds, DNSFilter will further expand its headcount, with plans to add more than 80 new employees globally over the next 12 months.
There's a lot more that we can do for security via DNS, and we haven't really started on that yet," Carnesi said. We plan to do things that people won't believe were possible via DNS."
The company, which acquired Web Shrinker in 2018, also expects there to be more acquisitions on the cards going forward. There are some potential companies that we'd be looking to acquire to speed up our advancement in certain areas," Carnesi said.