Cybersecurity firm Interset lands 'strategic investment' from U.S.-based VC

Just over a year after landing $10 million in venture capital funding, local cybersecurity firm Interset announced Thursday it has received a “strategic investment” from a venture capital firm that targets technology to support missions of the Central Intelligence Agency and the Federal Bureau of Investigation in the United States.

Interset said the agreement with Arlington, Va.-based In-Q-Tel will further advance the development of its UBA security software platform, which helps detect insider attacks – for example, a worker trying to access sensitive case files without permission.

“U.S. intelligence and law-enforcement communities have long sought to protect critical data with an approach that surfaces attacks faster and more accurately, in a highly contextual, proactive way,” Interset CEO Dale Quayle said in a statement.

“After a rigorous evaluation and due diligence process, Interset demonstrated how anomalous behaviours can be accurately surfaced and conveyed with actionable information, allowing government security experts to focus on mitigating risks and stopping attacks that may threaten our safety.”

Interset’s products use predictive analytics-based technology to automate the process of sifting through billions of files.

Its Advanced Threat Detection Platform tracks and analyzes large swaths of data and sends a warning if unauthorized users are trying to access sensitive information. It is used in the manufacturing, defence, technology, energy and pharmaceuticals sectors.

“The technology is creating new opportunities for our clients to proactively surface emerging threats from vast data sets while minimizing the investigative burden on analysts,” In-Q-Tel partner Peter Kuper said in a statement.

Interset now employs more than 50 people and recently moved from its former headquarters in Bells Corners to a larger office in Kanata to accommodate its rapid growth.

In January, Mr. Quayle told OBJ he expected the company to double its headcount and customer base by the middle of 2017.

“We’re making investments in marketing, sales, we’re expanding our campaign footprint,” he said. “We have to help our customers find us, and we’ll do that through a number of shows and events we’ll be doing over the next year or so.”