Aiden Technologies, a leading autonomous endpoint security managed services provider of patch management solutions for Microsoft Windows, has raised $2.9 million in a seed funding round.
Led by Right Side Capital Management and a number of institutional and individual investors, the investment will be dedicated to the use of artificial intelligence to fortify Aiden’s mission in keeping every Windows endpoint updated and secure. Ultimately, the team aims to bridge the gap between IT and cybersecurity.
According to a study by Risk Based Security, 37 billion records were stolen in 2020 as a result of data breach. IBM and the Ponemon Institute, which are both responsible for researching privacy management practices within business and government, calculated that on average cost the cost of a stolen record during that time was $146.
Similarly, the IT-focused comprehensive news site Dark Reading estimated that around 60 percent of those data breaches could be traced back to a missing patch. In other words, this means that at least $3.24 trillion is lost annually due to the cost of poor patch management.
“Cybercriminals are using new technologies to exploit vulnerabilities faster than ever before and holding for ransom some of our nation’s most critical infrastructure, while IT teams are outmatched with their current tools,” said Joshua Aaron, CEO of Aiden, in a statement. “With Aiden, IT teams can leverage AI to keep their systems updated and secure, increase their organization’s cybersecurity posture, and free up critical resources from tedious maintenance to focus on high-profile, high-visibility projects and direct user support.”
Aiden’s tech addresses security challenges in highly regulated industries
Aiden plans to use the seed funding to bolster its newly unveiled automated endpoint management solution and execute its go-to-market strategy. The company says its tech makes it easier for organizations in highly regulated industries like financial services, life sciences, insurance, and healthcare to adopt the best cybersecurity best practices and organizational standards.
“Aiden is an ideal portfolio company to start off our newest and largest fund to date,” David Lambert, managing director of Right Side Capital Management, said in a statement. “We invested in these founders because of their vast experience and credibility in cybersecurity, IT operations, and enterprise software. Aiden has a huge market opportunity and is now armed with the capital to reach escape velocity.”
In addition to Right Side Capital Management, other notable investors included: Congress Avenue Ventures, Intercept Ventures, SAJE Investments, and the Gaingels. Additional capital was raised from key advisors and IT Security landscape experts, including Alexsis de Raadt St James, managing partner at Merian Ventures; Chris Wysopal, founder and CTO at Veracode; and Anthony Johnson, managing partner and CISO at Delve Risk.
Richard Clarke, the former U.S. “cyber czar” who joined other cybersecurity industry luminaries in the seed round, said, when he met the Aiden team, he immediately recognized that every Microsoft customer could benefit from their ability to fix systemic vulnerabilities that have plagued Windows environments for years. “Aiden’s proprietary technology, proven in some of America’s leading private equity firms, is addressing the most fundamental IT security challenge of the modern enterprise.”
Aiden was launched in 2020 and currently works to solve five technology issues: out-of-date software, challenges brought on by the work-from-home environment, enterprise security, future data breaches, and time wasted on Windows endpoints.
In February, we told you about Joshua Aaron, Aiden’s CEO, and the appointment of 13 advisory board members. The advisors come from a variety of professional backgrounds, holding leadership positions in companies including Microsoft, Veracode, The New York Times, and Daikin.
In addition, Aiden is hosting the second installment of its recently launched thought-leadership series, “The IT-Security Paradigm Shift,”on June 10th at 3 p.m. EDT.
Aaron will moderate the one-hour session with John Kindervag, creator of Zero Trust and SVP of Cybersecurity Strategy for ON2IT, and Scott Scheferman, principal cyber strategist for Eclypsium, as they examine “How to Achieve a Zero-Trust Framework Leveraging New Technologies like Artificial Intelligence.”
Aiden encourages those interested in the event to register here.
Quincy Preston contributed to this report. The story was updated with additional information on June 9 at 9:44 a.m.
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