Phantom Cyber announced on Monday a $6.5 million round of Series A funding that the Palo Alto, Calif.-based company is using to build out its security automation and orchestration platform for enterprises.
Among the investors were TechOperators and Blackstone, the latter of which has used Phantom Cyber for several months. Zach Nelson, CEO of NetSuite; Rein Capital; and John Thompson, CEO of Virtual Instruments and former CEO of Symantec also took part in the latest round after participating in the original seed round earlier this year, according to Phantom Cyber CEO and co-founder Oliver Friedrichs.
With the latest round of funding, Thomas Noonan—former CEO of Internet Security Systems (ISS), and general partner at TechOperators—joins Phantom’s board.
Friedrichs says that enterprises have literally dozens of security products in place, but they don’t interoperate with each other or coordinate themselves in a useful way. While members of analyst teams, threat intelligence teams, and incident response teams have to pivot from one console to another to keep track of the various security products, attackers are using automation against them.
Phantom offers automation and orchestration to combine those products into one platform.
“This really is somewhat of a software-defined, programmable approach to security by marshaling all of the different point products that you have in order to respond as a cohesive system,” Friedrichs says.
Another reason Friedrichs says orchestration and automation are important is a shortage of security talent at enterprises. By simplifying the response, investigation, and containment processes, enterprises will be able to more efficiently respond to attacks or other network events. Customers can do this by tapping into what Phantom calls digital playbooks.
“It comes down to productizing that decision making and acting capability of what comes next after you have the analytics layer,” Friedrichs says. “You have your event management platform that someone is looking at, but then they’re making decision at human speed. We strongly believe it’s now time to automate some of that decision-making. We’re not talking about anything that is predictive. It’s really about codifying into Playbooks response plans for point products companies already have in place that are ripe for automation.”
Phantom Cyber, which was founded in May 2014, has integrated its platform with more than 30 security companies’ products, Friedrichs says.
Phantom is signing up interested customers for its Early Experience program, which allows organizations that qualify to use its Phantom Community Edition product. The Early Experience program allows organizations — Friedrichs says Phantom is targeting Global 2000 companies — to use its product’s full capabilities, but with a limited number of actions.
“They can implement their own scenarios and playbooks to be able to develop custom orchestration. The platform itself is very-data driven and open from that point” Friedrich says.
Friedrichs says that Invotas, a division of CSG International, also offers security automation and orchestration, but overall it’s a relatively new space with few players.