Published on August 25th, 2021 📆 | 4555 Views ⚑0
Dallas cybersecurity startup BreachQuest emerges from stealth with backing from Tinder founders
Dallas-based cybersecurity startup BreachQuest is emerging from stealth operations this week with $4.4 million in seed funding from a high-profile lineup of investors.
The company’s backers include Tinder cofounders Sean Rad and Justin Mateen, venture capital firm Slow Ventures and Lookout founder Kevin Mahaffey. Slow Ventures invests in early growth-stage startups and has backed prolific companies such as Clubhouse, Slack, Nextdoor, Robinhood and Venmo.
BreachQuest offers corporate clients solutions for preparedness, triage and remediation in the event of a ransomware attack or other security breach. The company is working with more than 10 Fortune 500 clients, and its four founders have experience working with 40% of Fortune 100 companies.
BreachQuest wants to disrupt what it sees as an unfortunate industry standard – the reality that the average breach can take up to nine months to detect and even longer to contain costing companies millions on average per breach.
“Two components are always needed to create a successful company,” Tinder cofounder Sean Rad said in a statement. “First is a disruptive vision and the second is a world-class team. BreachQuest certainly has both of these elements, and I can’t wait to see where they go.”
The company intentionally chose Dallas as its home base in order to pull from the talent coming out of local universities. It’s also likely the company will expand to Austin in the future.
“It’s also the location,” BreachQuest director of recovery and remediation Mark Olsen said. “Hours matter. You’re under duress. You’re watching your lifelong dream go up in flames and, from Dallas, I can get pretty much anywhere in the country in four to six hours.”
BreachQuest cofounder and CEO Shaun Gordon has worked with Olsen to recruit top talent. The company’s leadership team includes former NSA, Department of Defense and U.S. Cyber Command operators, giving the startup what Gordon described as a highly competitive “unfair advantage” in the cybersecurity space. BreachQuest currently employs 34 people, and will look to add staff with the latest infusion of capital.
“We want to elevate the game. We want to help our clients. We want to have an unfair advantage that brings business to us because we can solve victims’ problems, and do it faster and better than anyone else,” Gordon said.
BreachQuest touts its ability to help reduce the downtime experienced during a hack that can paralyze companies unprepared to handle sophisticated attacks.
It’s also building a software platform called Priori that continuously monitors a company’s systems and identifies security breaches instantly. Gordon said the product is only being used internally now, as it is still being developed.
The company is launching at a time when cybersecurity is very much on the minds of corporate leadership in the U.S. According to a recent Accenture report on cybercrime, 68% of business leaders see an increased risk of cyberattacks. And losses from cybersecurity attacks are estimated to total $6 trillion worldwide in 2021.
The U.S. has had a series of highly-publicized data security breaches in the past year, including top cybersecurity firm FireEye and Texas-based SolarWinds that exposed the sensitive information of clients like Microsoft.