Reco (formerly known as RecoLabs), a firm that uses AI to map a company’s data sharing, raised US $30 million in a Series A round-headed by Insight Partners and Zeev Ventures, with participation from BoldStart, Angular Ventures, Jibe Ventures, CrewCapital, and Cyber Club London on June 3, 2022. The funds will go into product development and supporting the company’s go-to-market activities, according to CEO Ofer Klein.
What the founder as to say:
Ofer Klein- Co-founder of Reco:
“The size of the scattered workforce is growing. Every day, the number of collaboration tools used in a single company grows. Each one of these poses a new security concern. Businesses embrace information sharing and cooperation across applications. Still, we see firms increasing their risk without security context and sophisticated analysis of what business data and interactions are occurring in those sharing environments.”
Our main rivals are traditional data security systems that prioritize content over context. They necessitate a lot of manual input and upkeep, generate a lot of noise and organizational friction, and lack visibility into the context of problems, resulting in false alarms. Reco allows security teams to share incidents and their context with relevant team members to gain additional feedback to help remediate the incident or enable team members to assume ownership of the incident and carry out remediation operations on their own.”
More about the company:
Reco was formed in 2020 by Klein, Gal Nakash, and Tal Shapira. After Kwik, an internet of things platform for “connected customer experiences,” Reco is Klein’s second company. Before joining Reco, Nakash directed research at Israel’s Prime Minister’s office. Shapira, who also worked at the Prime Minister’s Office, was the chief of algorithms at heads-up display firm Guardian Optical Technologies.
Reco keeps track of data sharing both inside and outside of an organization and alerts users when problems arise. Reco can detect and flag issues such as a third-party vendor’s contract expiring but the vendor still having access to confidential documents or a file being forwarded to the wrong account manager.
According to Klein, Reco’s “contextual” approach sets it unique from other data management compliance and governance software (see Checks, DataGuard, Ketch, and DataGrail). The software generates a “business cooperation map” that purports to illustrate where an incident occurred, who was engaged, and what measures were taken.
Companies were compelled to utilize collaboration solutions to support their remote workforces due to the pandemic. Companies began adopting applications like Slack, Teams, and Google Drive to speed up business operations with their customers and vendors. However, these channels are hidden and have little controlReco is ideally positioned to lead the next generation of security solutions, which will focus on enabling business while saving money and time.
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