Fletch secures $12.5 million in funding for its NLP engine designed to analyze the cyber threat landscape.

ByYasmeeta Oon

Apr 20, 2023

Today, Fletch, a cybersecurity company specializing in artificial intelligence (AI), announced the successful completion of a $12.5 million funding round in its series A, led by the prominent venture capital firm, True Ventures. Fletch has developed an innovative solution designed to scrutinize the ever-evolving cyber threat landscape.

The core of Fletch’s AI-powered system revolves around a Natural Language Processing (NLP) engine, which meticulously analyzes a staggering 10,000 articles daily. This analytical prowess enables it to swiftly identify emerging cyber threats. Additionally, the solution evaluates an organization’s technological infrastructure, geographic location, and industry-specific exposure. By doing so, it enhances the detection of cyber threats and furnishes security teams with a comprehensive risk profile. This resource equips them to pinpoint potential entry points in their application and technology stack.

This announcement arrives at a time when organizations worldwide grapple with the escalating demands of the threat landscape, exemplified by a 38% surge in cyberattacks during 2022.

Grant Wernick, the CEO and co-founder of Fletch, emphasized the impossibility of individuals or teams keeping pace with the relentless onslaught of emerging cyber threats. He pointed out the inadequacies of contemporary technology in this regard, highlighting the need for enterprise-level solutions that often require substantial investments, protracted implementation timelines, and sizable teams for reactive responses to cyber threats.

Wernick remarked, “These systems are designed for large enterprises with established tools and teams to respond to threats. Our approach is different.”

Fletch’s response to this formidable threat landscape involves curating news about emerging threats. This unique approach enables organizations to identify significant threats a full seven to ten days before they make headlines. In a notable example, Fletch was the first to disclose the “ChatGPT Data Leak and Redis Race Condition Vulnerability That Remains Unfixed – #CVE-2023-28858.”

Fletch’s solution finds its most fitting place within the AI-powered cybersecurity market, a sector valued at $13.29 billion in 2021, with an anticipated annual growth rate of 24.3% from 2022 to 2030 according to Grand View Research. The company competes with well-established players in the market, such as Darktrace. Darktrace Prevent offers organizations an AI-driven threat prevention system that continuously monitors their attack surface, simulates attacks to detect potential vulnerabilities, and autonomously identifies and prioritizes risks across their network.

What truly sets Fletch apart is its emphasis on preemptively detecting threats before they become headline news. This distinctive approach distinguishes Fletch from other providers in the cybersecurity market.

Yasmeeta Oon

Just a girl trying to break into the world of journalism, constantly on the hunt for the next big story to share.