Allure tempts investors with seed round

Allure Security Technology, a US-based cybersecurity software spinout of Columbia University, has closed a $5.3m seed round led by venture capital firm Glasswing Ventures.

VC firms Greycroft and Zetta Venture Partners, as well as investment firm Portage Partners also took part.

Founded in 2009, Allure produces data loss detection and response software aimed at clients such as large enterprises, financial services firms, healthcare providers and industrial facility operators.

Allure’s system tracks data as it is transferred through a client’s network gateways, tagging files with so-called beacons that record where documents have been accessed.

The software builds up an understanding of suspicious activity over time and alerts users automatically. It also relies on natural language processing and machine learning to foil attackers by inserting decoys into the data flows.

Allure will use the seed funding to enhance its platform and drive recruitment. Rick Grinnell, managing partner of Glasswing Ventures, has joined Allure’s board of directors.

The spinout is based on the work of a research team led by Salvatore Stolfo, a professor in Columbia’s Department of Computer Science with expertise in fields including security, detection systems, artificial intelligence and machine learning.

Allure Security previously raised $2.6m of a planned $5m equity round in August 2017, according to a securities filing, however it is unclear whether this funding is part of the seed round.