CPE News (5.25.2022) – ORNA Inc. has raised $1,065,000 in seed funding led by WGG Capital Canada.
Founded by Logan Wolfe, Jana Krioukov and Martyn Gill, ORNA is an AI-powered Security Orchestration, Automation and Response (SOAR) platform for small and midsize businesses that detects cyberattacks and uses AI to guide response, reporting, compliance and prevention efforts through an innovative real-time collaborative environment.
ORNA intends to use funding to invest in marketing and demand generation, as well as R&D and go-to-market partnerships in the US, Canada, and EMEA, aiming to grow into an $80,000,000 valuation leading to a much larger Series A round within the next 15 months.
photo credit: ORNA Inc.
News Release
ORNA Inc. Raises Over $1 Million In Seed Funding To Revolutionize Cyber Incident Response
ORNA Inc. raises $1,065,000 in a Seed round oversubscription led by WGG Capital Canada.
TORONTO (PRWEB) May 25, 2022
With these funds, ORNA will invest aggressively in marketing and demand generation, as well as R&D and go-to-market partnerships in the US, Canada, and EMEA, aiming to grow into an $80,000,000 valuation leading to a much larger Series A round within the next 15 months.
Founded and led by experienced industry insiders, Logan Wolfe, Jana Krioukov and Martyn Gill, ORNA is an AI-powered Security Orchestration, Automation and Response (SOAR) platform for small and midsize businesses that detects cyberattacks and uses AI to guide response, reporting, compliance and prevention efforts through an innovative real-time collaborative environment.
Well, these are a dime a dozen these days, you might say – but this one is different. We aim to disrupt the status quo of traditional incident response plans and playbooks, DR, BCP processes and the associated outdated approaches to handling security incidents:
ORNA’s unique AI engine uses NLP to collate data across 28 sources, from the customer’s infrastructure, to CVE, MITRE, and the DarkWeb, to generate highly detailed attack and incident-specific tasks and actions for every stakeholder across not only IT, but legal, executive, HR, communications, and other domains. This way, everyone in your organization knows exactly what to do to respond to this particular incident with the utmost efficiency.
ORNA’s simple-to-use Risk & Compliance and industry framework-adherent Report Builder features will help you prevent attacks, streamline reporting, and reduce cyber insurance premiums by guiding your organization through the NIST process in a much more straightforward manner than the framework itself.
ORNA’s Playbook Community Marketplace allows organizations, consultants, and vendors to easily create, customize, share, and even sell cyber incident playbooks with other ORNA users. Think App Store for cybersecurity resources.
Pricing – yes, we really went there. ORNA delivers an enterprise SOAR experience for a fraction of the price, plus we provide not only complimentary training, but attack simulations to keep our customers’ skills sharp.
We are witnessing an interesting situation in the cybersecurity solutions market. While cyber spending is up over 24.6% across the board in the past 12 months, the losses stemming from cyberattacks are skyrocketing as well – $6 Trillion globally in 2021, to be precise. Clearly, something is broken, as cybersecurity is not fulfilling its goal as a loss prevention function.
“While large enterprises can take advantage of expensive SOAR tools built by Splunk, Palo Alto, Siemplify and others, or establish dedicated Security Operations Centres staffed by dozens of trained digital forensics specialists operating complex tools, small and midsize organizations are left out in the cold,” said Logan Wolfe, Founder and CEO.
Why The SMB Focus?
Small and midsize businesses experience damaging cyberattacks on a regular basis, 1 in 5 to be precise, yet often can’t afford $400,000/year SOAR solutions, and are unable to sustain fully staffed multi-million-dollar-per-year Security Operations Centres as well. At the same time, many don’t have a dedicated cybersecurity function, instead having to tack on InfoSec duties to their already busy IT staff, creating a perfect storm.
The sweet spot for cybercriminals from the risk-vs-reward perspective is organizations in the 200-2,500 FTE range. Such entities are able to afford $2M+ ransom demands, can be hurt by ransomware and DDoS attacks just enough to incentivize the payment, yet often lack the tools and expertise needed to respond to such incidents, at least prior to the first breach.
“We’ve built a SOAR specifically for midsize organizations, and didn’t stop there. ORNA uses proprietary AI to detect attacks, automate response, ease collaboration, reporting, third-party comms, NIST compliance, and so many other day-to-day items our customers care about – for the first time ever, across both tech and business domains.” – Jana Krioukov, Co-Founder and CTO.
Today, cybersecurity is a $220 Billion market, and the one that is growing rapidly across all verticals. By conservative estimates, over 40% of this market is comprised of SMBs – these are the organizations we set out to help worldwide.
At ORNA, we believe that cybersecurity is a necessity, not an optional value-add. This is precisely why ORNA starts at just ~ $800 per month with unlimited seats, alerts, and storage, and is very easy to deploy.
What’s Next?
We are on track to well over $5M in revenue in our first year of business and are keen on disrupting the fairly stale and subject matter expert-oriented cyber incident response segment. Expect a host of innovative features and bi-directional integrations with over 50 security, ticketing, ITSM, and other tools this year, webinars, events, and much more.
Finally, come meet the team at our exclusive featured booth at one of the hottest tech and innovation events of the year, Collision 2022 taking place in Toronto on June 20th – 23rd!
“We have a lot of exciting features under development, from blockchain for secure data storage, to enhanced AI for inferred incident handling logic, and even quantum cryptography applications. I have no doubt our users will appreciate the ROI that ORNA provides, helping us shape the future of cybersecurity for the next decade to come,” said Martyn Gill, Co-Founder and President.
Keen to learn more or join the ORNA family as our customer or partner? Book your 1-on-1 ORNA demo at http://www.orna.app or chat with our team here!