Riot, a company dedicated to cyber-protection software tailored for employees, has successfully secured $30 million in a Series B funding round, reinforcing its place within the cybersecurity landscape. This round, spearheaded by the New York-based venture capital firm Left Lane Capital, elevates Riot’s total funding to $45 million, drawing participation from notable existing investors such as Y Combinator, Base10, and FundersClub.
Combating AI-Driven Cyber Threats
The swift rise of generative AI has markedly improved the tools available to hackers, resulting in a staggering 1,265% rise in phishing attacks over the past two years. This increase places employees at greater risk of cyber threats. Benjamin Netter, the Founder and CEO of Riot, stated that hackers are utilising the latest advancements in artificial intelligence to execute highly targeted and sophisticated attacks that can mislead even the most alert employees. He further mentioned that there is an urgent need to develop tools to safeguard businesses against these emerging threats, with Riot’s objective being to protect over ten million employees by 2027.
Mechanics of Riot’s Platform
Riot’s platform transcends conventional cyber awareness strategies that often depend on generic and uninspiring training programs. Here’s a breakdown of how it functions:
- Riot seamlessly connects with an organization’s IT framework to evaluate employees’ cyber security posture and identify possible weaknesses, like insufficient authentication on specific services.
- The platform actively assists employees in rectifying these vulnerabilities via its cyber companion, Albert.
- Albert provides actionable advice in real time through corporate communication platforms such as Slack or Microsoft Teams.
This proactive methodology aims to create difficulties for hackers who depend on employees’ security lapses to launch successful cyberattacks. Matthew Miller, a Partner at Left Lane Capital, remarked that as AI technology advances, phishing attacks are likely to become more complex, personalized, and elusive. He emphasized that equipping teams with the right resources and knowledge is the most effective strategy against these evolving threats.
Accelerated Growth and Global Reach
Since its inception in 2020, Riot has grown to safeguard over 1,500 organisations from various sectors. These include prominent technology companies like Mistral AI, Y Combinator, and Modern Treasury, as well as well-established firms such as L’Occitane, Deel, Intercom, and the French newspaper Le Monde. In 2024, the company has also surpassed $10 million in annual revenue, marking another year of impressive triple-digit growth.
The recent funding will expedite Riot’s global expansion, with ambitions to establish two new offices and double its current workforce within the next twelve months. This initiative will further amplify Riot’s mission to strengthen organisations against the ever-evolving cyber threat environment.
With its cutting-edge approach to safeguarding employee cybersecurity, Riot is indeed setting new standards in the protection of businesses against AI-driven threats, and the $30 million Series B funding reflects a significant advancement towards achieving that goal.