Memcyco, a Tel Aviv-based startup that offers companies protection against website impersonation through its solutions, disclosed that it has acquired USD 10 million in venture funding. Venture Guides and Capri Ventures took the lead in the financing.
The company offers businesses back-end tools to monitor and defend their digital assets against brand impersonation in real-time and a digital watermark that can be displayed on websites to let visitors know they are, for instance, visiting a legitimate online store.
Businesses have invested significantly in identity management and security over the past few years. Memcyco, a company created in 2021, is essentially trying to turn this around and approach this problem from the consumer’s viewpoint.
“We ask: How can I tell this website is a genuine article and not a fake or phishing one as a customer or when I visit the brand? Currently, the only way to accomplish this is to require the end user to download an agent and install something on their laptop to protect it. We developed this agentless solution because, as an e-commerce company or bank, you cannot compel your customers to download and install something on their smartphone, according to Gideon Hazam, co-founder and chief operating officer of Memcyco.
The co-founders of Memcyco are all seasoned entrepreneurs and startup leaders. Israel Mazin, the CEO of the business, launched the security firm Memco in the 1990s. Memco became public and sold to Platinum Software, which Computer Associates subsequently purchased. Eli Mashiah, who was at the time a co-founder of Mazin, is currently a co-founder and chief technology officer of Memcyco. Hazam also had a job there in the 1990s.
Most companies using Memcyco’s service begin by using its monitoring capabilities to find possible brandjacking and phishing efforts. The team didn’t want to get into too much technical detail about how their service operates, but Hazam emphasized that the business is acting very proactively in this area. “We developed — and continue to develop — an AI algorithm that we can use to search for and find the scam before an attack,” said Hazam. “We can locate and begin pursuing them to check for suspicious activity.”
Everyone is aware of someone who has been duped by a brand-jacking fraud based on phishing, according to Alex Pinchev, founder and managing partner of Capri Ventures. Memcyco is the first firm to offer a real-time solution to that issue, as opposed to most existing solutions, which come into play after the fact and prevent organisations from understanding whose users were attacked.
Numerous sizable financial institutions and e-commerce sites already employ Memcyco’s service. The extra cash will be used by the team to improve the product, provide support for current clients, and grow its go-to-market organisation.
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