Abstract Security

Company Overview

Abstract Security is a cybersecurity company developing a new platform to centralize and improve security analytics management. Founded by industry veterans, the company aims to address longstanding challenges in the security information and event management (SIEM) space by leveraging AI and machine learning.

The company’s mission is to “detect and stop adversaries who threaten our customers’ livelihood.” Abstract Security is positioning itself as the future of security operations platforms, moving beyond traditional SIEM approaches.

Products Overview

Abstract Security’s main product is a unified security analytics platform that includes:

1. Data Management: Helps teams optimize data without compromising compliance or security effectiveness. This includes separating security and compliance data to reduce storage costs and improve detection speed.

2. AI-Powered Assistant: Called ASE (Abstract Security Engineer), this AI assistant helps analyze enterprise data, understand data sources, and improve detection effectiveness.

3. Data Lake: Provides a one-click data lake solution on a privacy-first architecture to avoid vendor lock-in.

4. Analytics: Offers real-time streaming correlation and machine learning capabilities with pre-built and user-defined detection rules.

5. Pipelines: Separates data for compliance and security use cases to optimize costs and improve detection capabilities.

The platform aims to provide a comprehensive solution that goes beyond traditional SIEM capabilities, addressing issues like data overload, ineffective analytics, and the complexity of building custom solutions.

Founding Team

1. Colby DeRodeff - Chief Executive Officer & Co-Founder
2. Ryan Clough - Chief Product Officer & Co-Founder
3. Aaron Shelmire - Chief Threat Research Officer & Co-Founder
4. Chris Camacho - Chief Operating Officer & Co-Founder

The founding team brings significant industry experience, with Colby DeRodeff having worked at ArcSight from 2001-2011 during the early days of SIEM development.

Problem and Market Fit

Abstract Security addresses several key problems in the cybersecurity industry:

1. Ineffectiveness of current SIEM solutions: Many “next-gen” SIEM solutions are seen as outdated and ineffective.
2. Data overload: Security teams struggle with managing and analyzing vast amounts of data.
3. Lack of true analytics: Many current solutions offer search capabilities but not true correlation and analytics.
4. High costs: Existing solutions often lead to high storage and operational costs.
5. Complexity: Building custom solutions is often too complex for many organizations.

The company aims to fit into the market by offering a more effective, AI-driven approach to security analytics that addresses these pain points.

Business Model

While not explicitly stated, Abstract Security likely follows a Software-as-a-Service (SaaS) model, offering its platform to enterprise customers on a subscription basis. The company emphasizes cost savings and improved efficiency for its customers, suggesting a value-based pricing approach.

Funding and Runway

Abstract Security has received funding from:

1. Crosslink Capital
2. Rally Ventures
3. Liquid2 Ventures

The specific amounts and funding rounds are not mentioned in the provided information.

Competitive Landscape

The company positions itself against traditional SIEM providers and “next-gen” SIEM solutions. While specific competitors are not named, the industry includes major players like Splunk, IBM, and newer entrants in the XDR (Extended Detection and Response) space.

Abstract Security differentiates itself by: 1. Offering AI-driven analytics and assistance 2. Focusing on data source expertise and true correlation capabilities 3. Separating security and compliance data for cost and efficiency gains 4. Providing a comprehensive platform beyond just log management

Customers

Specific customers are not mentioned, but the company appears to target large enterprises with complex security needs. The platform is designed for organizations dealing with large volumes of security data and compliance requirements.

Relevant News

1. The company has achieved SOC2 (Type 1) compliance, indicating a focus on security and trust for its own operations.

2. Abstract Security has launched a content series called “Abstract Canvas” featuring interviews and discussions with industry experts. Recent episodes include:

   • A discussion on threat intelligence with Chris Camacho (August 1, 2024)
   • An interview with Jon Oltsik about the future of security operations (June 18, 2024)
   • An interview with Cal Poly Incubator (April 1, 2024)

These content initiatives suggest the company is actively working to establish thought leadership in the cybersecurity space and engage with the broader industry community.