Lab 1, a London-headquartered startup that tracks cyber crime on web forums and messaging that put its enterprise clients at risk, has announced a £1 million fundraise to enhance product and scale up business growth.
The uniqueness of its proposition is driven by contextual knowledge graphs which help quantify cyber risk, quickly correlating diverse security scrapes from web forums, file sharing sites and messaging platforms with clear context on the relationship with criminal activity.
The product, CiGraph, has 24 billion pieces of data potentially linked to cyber crime or data leaks from the open, deep and dark webs that are turned into intelligence timelines, info feeds and reports. Bespoke algorithms are able to quantify the risk each breach poses to a specific enterprise.
Lab 1's funding round was backed by MMC Ventures along with MMC's co-founder and chairman, Alan Morgan, investing in a private capacity. SyndicateRoom and angel investor Cris Conde filled out the round.
In a press release, Morgan noted the scale of the danger facing the enterprise IT supply chain, at a time when cyber crime and misused data incidents have soared.
"Misuse of of data and criminal activity affect every part of the supply chain and create risks to corporate performance and reputation. The potential for Lab1 is compelling," Morgan said.
As per cybersecurity company Surfshark's October report, global IT account breaches surged by 70% or so in the July to September period.
Surfshark said there were 108.9 million account breaches in total, with France suffering 212 breaches for every 1,000 people, higher than any other country on a per 1,000 capita basis.
For every second Lab 1's cyber intelligence typically picks up on over 600 compromised IT nodes, says CEO and co-founder Robin Brattel.
"Breaches affect trust, costs, even stock performance," Brattel said, "Lab 1 can help companies build cyber resilient supply chains, and are delighted that leading investors are backing us.”