London: RankedRight, the new platform which has been predicted to supercharge the efficiency of IT security teams across the world has secured $500,000 in seed funding.
Created in the UK, RankedRight is a triage system that follows an IT security team’s pre-set rules to automate the time-consuming yet crucial process of ranking vulnerabilities in order of impact to the business. With teams reportedly wasting an average of 76% of their day remediating low priority risks, RankedRight enables them to divert their attention towards tackling the most critical issues and keep the company safe.
The investment round was led by angel investor John Yeo and a number of private investors including Founder of eLearnSecurity and Managing Partner of Romeo Capital, Armando Romeo, and VP Sales, EMEA at Deep Instinct, Brooks Wallace. Impressed that the founding team had identified a credible solution to the known gap in vulnerability management, the investors were keen to be involved in RankedRight’s pursuit of an estimated £9.3bn market opportunity.
RankedRight’s leadership team comprises former IBM Associate Partner and vulnerability management specialist Thomas MacKenzie, technology operations expert Peter Yeo, and former managing director of Piksel – consultancy to BSkyB, Virgin Media, and Channel 4, Kristan Bullett. They plan to use the funds to accelerate the product’s development and implement the company’s go-to-market strategy. This will include the commencement of the pilot phase which will involve a select list of companies who signed up to the scheme late last year upon hearing of the new technology.
The board also intends to create a Customer Advisory Board to ensure that the company’s brand promise Less Admin, More Action, and its key value to Always Put The Users’ Risk Appetite First are reflected in the system’s ongoing development. Details of the board will be announced in the coming months.
John Yeo, Lead Investor of the Seed Round, commented, “Cyber is an industry that has no shortage of solutions to edge-case problems. So it’s refreshing to see a credible founder team focussed on building an elegant and simple-to-use solution that solves one of the most widespread cybersecurity challenges affecting businesses.”
Commenting on the funding, RankedRight’s CEO, Thomas MacKenzie, said, “We have a solution to one of the biggest and fastest-growing problems facing information security teams and this funding will ensure companies across the world can benefit from it.
“Identifying risk is no longer the problem; where organizations struggle is tackling their outstanding weaknesses. RankedRight simplifies the process, helping organizations of all sizes to fix their vulnerabilities faster and more efficiently.”
As part of the raise, Chartered Accountant, Kirsty Bushrod, is to join the company as Investor Director.