Miami-based cybersecurity start-up Lumu today announced the closing of its $7.5 million Series A. The round was co-led by SoftBank Group Corp.’s SB Chance Fund and Panoramic Ventures.
Lumu CEO Ricardo Villadiego. Image Credits: Lumu Villadiego explained it in lay terms:”If you’re speaking with a bad guy, there’s no great that’s going to originate from that. We use the same concept with cybersecurity. If your phone or your laptop computer is speaking to an enemy, you don’t truly require to comprehend what the conversation has to do with,”he stated. What you do need to do, he states, is shut it down and avoid it from occurring once again.
He explained that Lumu not just assists business avoid breaches but also enables them to automate their responses.
Lumu released in February 2020 at the RSA cybersecurity conference in San Francisco, and already has 1,300 enterprise clients and targets small to large corporations. In just over 12 months, the business said it has actually examined more than 55 billion metadata records and found more than 11 million adversarial contacts.
Villadiego was born and raised in the colonial port town of Cartagena, Colombia. With a degree in electrical engineering, he discovered his enthusiasm for cybersecurity while working at Unisys, which, through its cybersecurity excellence program, is how he wound up in the United States.
During his time at Unisys– and later at IBM– he stated he was exposed to merger and acquisition offers, motivating him to begin his own organization. He established his very first cybersecurity company, Easy Solutions, in Miami in 2009, focused on preventing fraud. Easy Solutions stood out of tech heavyweight– and Miami local– Manny Medina of the eponymous Medina Capital, who purchased the business’s preliminary.
“I told him we were looking to raise $5 million and he stated, ‘‘ I’m in, however it needs to be $10 million,'” Villadiego informed TechCrunch.
The two ultimately agreed on $11 million, and about a years later Medina’s own business– Cyxtera– purchased Easy Solutions for a concealed sum. Cyxtera announced last month that it’s going public at a $3.4 billion valuation through a merger with a SPAC.
Villadiego said Lumu, which has 35 full-time employees, will utilize the funds to fuel growth in the United States.
“In the U.S., I understand all the concerns that we have– particularly with diversity– however if you work hard, you have the chance to alter your story,” said Villadiego. “At the end of the day, you have to construct a company. The hardest part for any business owner is getting access to capital.”
With moneying help from SoftBank’s Chance Fund, which assists Black, Latinx and Native American creators and entrepreneurs in the U.S., Villadiego said he can focus completely on the work.
“As soon as you have access to SoftBank, you sort of forget the cash part, because you know you’ll have access to capital to develop your company,” he said. “Now your focus can be on execution — — to ensure you’re solving the problem.”
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.