Tessian is a London based intelligence start-up that raised $ 13 million (on the 18th June 2018) to tackle the issue of enterprise email security through the use of ‘machine learning’. At the top of the Series A round was Balderton Capital and Accel. Among some other participants who had invested previously as well were Amadeus Capital Partners, Crane, LocalGlobe,
Formerly known as CheckRecipient, founded in 2013, Tessian tackles the relatively rudimentary seeming issue of misaddressed emails. The platform, with the aid of ‘machine learning’ is able to identify and amend misaddressed emails, which are quite capable of creating large security breaches, if made available to the wrong people.
Most of the time businesses anticipate a majority of security breaches and data loss to occur through ‘hacking’, but unexpectedly even misaddressed emails are also indeed a major reason for data security incidents, this being reported to the Information Commissioner’s Office (ICO). Moreover, under the GDPR (General Data Protection Regulation) it is made compulsory for organizations to report security breaches that involve “personal information”, to the ICO, which can even result in a fine as high as 4 % of the company’s global turnover in some cases.
Enterprise businesses contribute an increasingly large amount to the world’s data with 30% in 2015 and is estimated to reach 60% by 2025. Tessian recognizes this, and works towards a reality where-in both, individuals and businesses are protected from cybersecurity threats, making sure that most sensitive data remains private and secure.
World-leading organizations like Man Group, Dentons and Schroders and over 70 of UK’s leading law firms, are currently using the platform to secure their email communications.
They have grown to a team f 50 employees with a 400% increase in its annual recurring revenue since the startup raised a seed round last year.
The additional funding is said to be used towards not only R&D and new product development, but also towards the expansion of its Sales and Marketing teams. The future of Tessian lies in applying the same technology to inbound emails, similar to its existing outbound products. This means that Tessian’s ‘machine learning’ platform will also help discover hoax emails or other unusual communication.
Tessian utilizes ‘machine learning’ technology to scrutinize enterprise email networks, to examine differences between normal and abnormal email sending patterns and behaviors. The platform further identifies anomalies in outgoing emails and makes users aware of potential mistakes by sending a ‘suggestion’, that direct the user to check the contents of the email prior to the email being sent.
The added advantage of this technology is that Tessian does not require an Administrator from security teams, or end-user behavior, to change legacy rule-based technologies. After deploying the Tessian platform, which can be done within an hour, it conducts a retrospective analysis, which yields immediate historical reports that also makes known, the amount of misaddressed emails have been sent by an organization prior to installing the platform.
Tim Sadler, CEO, and Co-Founder of Tessian, stated: “It’s human nature to fear scary things like hackers or malware, but we often don’t think twice about the dangers behind something as familiar and ingrained as sending an email. In reality that’s where an overwhelming threat lies.”