Fintech PR
ContraForce Secures $3.25M Seed Round Led by GALLOS Technologies and DataTribe
Investment enables ContraForce’s mission to transform how managed security services are delivered.
MCKINNEY, Texas, Oct. 31, 2024 /PRNewswire/ — ContraForce, the security service delivery platform company, today announced the closing of a $3.25 million seed funding round, co-led by GALLOS Ventures and DataTribe. The funding round enables ContraForce’s mission to automate security operations and expand the security services opportunity for managed service providers.
Founded in McKinney, Texas in 2021, ContraForce has developed a groundbreaking security service delivery platform that allows service providers to grow their monthly recurring revenue, improve their margins and deliver better client outcomes. The company saw annual recurring revenue grow 400 percent over the past 12 months and has established a growing customer base and distribution partners around the world.
The ContraForce platform employs proprietary AI and automation that streamlines the time and security expertise service providers require to manage security incident and event management and endpoint detection and response tools including Microsoft Sentinel, Microsoft Defender, Splunk Enterprise Security, IBM QRadar SIEM, Crowdstrike Falcon XDR and SentinelOne Singularity XDR. ContraForce was recognized by Microsoft Intelligent Security Association as their 2024 Security ISV of the year. ContraForce was also recently honored as an SC Awards winner for Most Promising Early-Stage Startup and selected as a SINET16 Innovator. Using the ContraForce platform, service providers can onboard clients within a few minutes and easily manage all their clients and security tools simultaneously in a single dashboard.
A recent McKinsey and Company report highlighted the massive opportunity in cybersecurity managed services, with a total available market of $400-500 billion and current solutions only penetrating 5-10% of the market. The main obstacle to deeper penetration is the shortage of qualified cybersecurity personnel, underscoring the urgent need for automated solutions like those offered by ContraForce. ContraForce enables service providers to add a new line of business by allowing them to immediately launch managed detection and response and managed security operation center (SOC) services.
The oversubscribed investment round, which included participation from angels and strategic partners, brings a total of $5.25 million in investment to ContraForce, which will use the capital to accelerate the release of new product features and invest in sales and marketing in preparation for a future Series A round.
William Kilmer, General Partner at GALLOS Ventures, stated, “GALLOS specializes in investing in and building great security companies. We’re continuously seeking solutions that address real security challenges, particularly in security operations. ContraForce tackles one of the biggest problems in today’s market by automating the majority of incident investigation and remediation workflows while keeping critical decisions in the hands of security analyst teams.”
Kilmer added, “As a former CEO of a managed security services provider (MSSP), I see tremendous potential for ContraForce to scale the managed security services market in a highly efficient manner.”
Stan Golubchik, Chief Executive Officer and Co-founder of ContraForce, commented, “ContraForce’s goal is to help service providers automate and simplify the delivery of scalable security services. This investment from GALLOS not only provides us with the capital to achieve that, but also brings in a partner who understands how to build and grow security businesses on a global scale.”
ContraForce was originally founded with an investment from DataTribe, the Maryland-based cybersecurity foundry that has invested in successful cybersecurity startups, including Dragos, Blackcloak, and Strider Technologies. Maurice Boissiere, Partner at DataTribe, added, “We think ContraForce is helping to protect the vulnerable small and mid-sized enterprise sector and are pleased with the progress they are seeing with managed service providers and MSSPs toward this. I’m looking forward to working with WIll Kilmer given his venture and operations experience in this space.”
As part of the investment round, William Kilmer, GALLOS General Partner, has joined ContraForce’s board of directors.
About ContraForce:
ContraForce transforms how managed security services are delivered by allowing service providers to jumpstart a new line of business, improve their margins and deliver better client outcomes. The ContraForce Security Service Delivery Platform decouples security services from the underlying software used to provide them and employs proprietary AI and automation to improve service delivery efficiency. As a result, service providers around the world rely on the ContraForce Spark workbench to deploy or improve their own managed security service offerings or participate in the ContraForce Storm commercial program to have qualified providers deliver security services on their behalf. ContraForce is a member of the Microsoft Intelligent Security Association and is the 2024 Microsoft Security ISV of the year.
About GALLOS:
GALLOS Technologies is a venture studio and investor that builds and invests in cutting-edge security technology companies. Leveraging decades of nation-state-level security, intelligence, and defense experience, GALLOS brings a unique perspective on the technologies that companies and governments should deploy to mitigate global threats. GALLOS combines this insight with expertise in building and scaling successful ventures to create optimal outcomes for portfolio companies and investors.
About DataTribe:
DataTribe is a cybersecurity foundry that leverages deep experience and expertise to build and launch successful product companies. With a team comprising Silicon Valley and Intelligence Community founders, investors, and experienced entrepreneurs, DataTribe provides the knowledge and resources necessary to build thriving startups in the cybersecurity space.
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VILNIUS, Lithuania, Dec. 27, 2024 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is excited to announce the launch of ALTCOIN Index, the first futures trading pair involving top altcoins. This innovative trading product offers users a one-click solution to efficiently track and trade major cryptocurrency trends with ease.
Traditionally used in stock markets, a futures index is a financial derivative that tracks the performance of a group of assets, such as stocks of commodities. These instruments were first introduced to simplify trading by allowing investors to speculate on or hedge against the collective movements of selected market sectors. Instead of purchasing individual stocks, traders are able to access broad market exposure in a single transaction, saving time and reducing costs.
In the cryptocurrency market, this new ALTCOIN/USDT futures trading pair works similarly by bundling the performance of the top mainstream cryptocurrencies by market capitalization, excluding Bitcoin (BTC) and stablecoins. The current index includes ETH, XRP, SOL, BNB, DOGE, ADA, TRX, AVAX, and SHIB. This approach is more efficient compared to buying individual cryptocurrencies or ETFs as this allows for direct speculation using tiered leverage options without the need to manage multiple positions, effectively diversifying trading risks associated with individual asset volatility.
Vivien Lin, Chief Product Officer of BingX, commented on the new offering: “By aggregating a range of leading cryptocurrencies into a single trading instrument, we’re giving users a practical and efficient way to better capture market trends. This index trading pair should help our less experienced users with their trading goals more easily, particularly when they are unsure which asset to trade and just want to trade major altcoins in general with leverage.”
BingX users can take advantage of tiered leverage options and competitive rates consistent with the platform’s perpetual futures terms, simplifying open order management and enhancing trading efficiency. The platform also ensures that the index composition remains current, with regular quarterly adjustments and temporary updates in response to market conditions.
About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.
For more information please visit: https://bingx.com/
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View original content:https://www.prnewswire.co.uk/news-releases/bingx-introduces-altcoin-index-futures-trading-one-click-countless-trends-302339486.html
SINGAPORE, Dec. 27, 2024 /PRNewswire/ — Nodepay, a decentralized AI platform transforming unused internet bandwidth into real-time data pipelines for AI training, today announced it has raised a second round of funding, bringing its total to $7 million.
The latest funding round welcomed new strategic investors IDG Capital ($23 Billion AUM), Mythos, Elevate Ventures, IBC, Optic Capital, Funders.VC, Matthew Tan (Etherscan founder) and Yusho Liu (CoinHako Co-founder & CEO) as notable angels. They join an impressive roster of previous backers that includes Animoca Brands, Mirana, OKX Ventures, JUMP Crypto, Tokenbay Capital and more.
Nodepay’s network taps into a global community of users running privacy-protected nodes. By sharing their spare internet bandwidth, these participants earn rewards for creating a real-time data source that improves AI inference with accurate, timely information—an approach known as Retrieval Augmented Generation (RAG).
Darren Nguyen, co-founder of Nodepay commented: “Our mission is to develop solutions that create tangible value for both AI developers and its end users. We give contributors a share in the AI ecosystem they help fundamentally build.”
Nodepay’s infrastructure platform integrates real-time data retrieval, a Web3-focused decentralized answer engine, reinforcement learning for more accurate model output, and gamified human verification. Together, these components combine to create a fair, collaborative, and innovative AI ecosystem.
Eric Le, investment director of IDG Capital, said, “The team at Nodepay is democratizing the AI economy by providing a platform that allows users to share directly in the value they create. We’re proud to support their vision of making AI more accessible and beneficial to all.”
With this funding, Nodepay will continue to commercialize its infrastructure to benefit both its community and partner AI labs. As it prepares to launch on Solana, Nodepay stands ready to lead the next era of decentralized AI development and training.
Already serving over 1.5 million active users worldwide, Nodepay continues to expand its reach, solidifying its role as a leader in the integration of AI and blockchain technology. Users can expect further updates and new announcements through their social channels and official website.
About Nodepay
Nodepay is a decentralized AI platform dedicated to democratizing AI training through real-time data retrieval. By turning idle internet bandwidth into a valuable resource, Nodepay fuels the next generation of AI models and stands at the forefront of AI decentralization.
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PASAY CITY, Philippines, Dec. 26, 2024 /PRNewswire/ — The SM Group is approaching the coming year with cautious optimism, encouraged by the continued growth of the Philippine economy.
SM Investments President and Chief Executive Officer Frederic C. DyBuncio said that despite ongoing challenges of peso volatility and higher inflation, the business sector has adapted well.
Consistent demand sustained household spending in the third quarter, with Household Final Consumption Expenditure posting a year-on-year growth of 5.1%, maintaining the same level in the same quarter last year, data from the Philippine Statistics Authority showed.
“Any moderation in inflation should trigger a strong confidence rebound. This could create opportunities in consumer-focused sectors in the country and we are poised to cater to these evolving demands,” Mr. DyBuncio said.
To cater to growing demand, SM continues to expand into more underserved areas, contributing to sustainable economic development and collaborating with government stakeholders to enhance access to modern retail, financial services, and integrated property developments.
“By investing and expanding to more areas nationwide, SM creates new markets and improves access to these essential sectors, serving more communities and helping stimulate sustained economic activities,” he said.
Mr. DyBuncio also said SM continues to invest in promising ventures such as renewable energy and logistics, that foster economic activity.
SM has invested in the clean energy industry through Philippine Geothermal Production Company (PGPC) which produces 300 Megawatts of geothermal steam supply. SM aims to continue to develop geothermal concessions through PGPC in support of the Department of Energy’s goal of reaching 50% renewable energy supply by 2040.
To encourage circularity towards green energy production, SM’s property arm, SM Prime Holdings partnered with GUUN Co. Ltd. (GUUN) to implement the Japanese technique of reducing landfill impact. The technology converts non-recyclable and hard-to-recycle packaging into alternative fuel.
SM’s banking arm, BDO Unibank is one of the largest funders of renewable energy projects. BDO has funded PHP898 billion in sustainable finance, including loans to 59 renewable energy projects as of December 2023.
In logistics and tourism, the improvement of transport networks across the country’s archipelago connects tourist and industrial areas that will help create inclusive growth. SM though its subsidiary 2GO launched MV Masigla and MV Masikap in 2024 to help better connect goods to 19 ports across the country including Iloilo, Bacolod, Cagayan de Oro and Manila, further supporting the government’s push for medium term growth through an upgraded tourism infrastructure and ecosystem.
“Our focus for 2025 will be to drive purposeful growth, empowering communities and partners through our investments towards a sustainable future,” Mr. DyBuncio said.
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View original content:https://www.prnewswire.co.uk/news-releases/sm-approaches-2025-with-cautious-optimism-302339452.html
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