Fyde has developed technology that's designed to help consumers protect their digital assets by stopping phishing attacks on mobile devices in real time. Indirectly, it can help companies reduce brand damage via its threat detection that protects their customers from fraud.
How it makes money
Fyde is initially offering its service to consumers free to help protect them against phishing, smishing and account takeover attacks. In its second wave, it plans to monetize the service through partnerships with financial institutions.
Cybersecurity for consumers. Fyde said it will help consumers keep from falling for fake, deceptive websites and messages that are trying to steal their personal information and their money. It claims to be the only company that is mobile-first and works across all communication platforms (email, SMS, messaging apps).
The founding team of Sinan Eren, Jose Luis Pereira, Pablo German Sole and Luisa Lima previously founded San Mateo-based enterprise mobile device security business Remotium in 2012, which was acquired by Avast in 2015. CEO Eren was CEO and chief product officer at Remotium and an entrepreneur-in-residence at Draper Nexus Venture Partners after leaving Avast last year. Technology chief Pereira was the mobile team lead at Remotium and then a team leader at Avast. Chief Scientist Sole was the CTO at Remotium and then a vice president at Avast. Engineering chief Lima previously co-founded a Dutch startup that developed a job platform for the unemployed.
Rio Maeda, managing director of Draper Nexus.
Fyde recently closed a $3 million round of seed funding led by Draper Nexus with additional support from Vertex Ventures. It plans to raise a Series A round in the next 12 months.
Fyde estmates its total addressable market is $20 billion per year, based on a Gartner projection of $96 billion in cybersecurity spending this year.
Fyde said there are no companies that address phishing attacks on mobile devices against consumers in a way that would directly compete with them. Indirect competitors include Proofpoint, Lookout and IBM.
Read the full article at Silicon Valley Business Journal