Cybersecurity startup Lab 1 has landed £1m in funding to build out its software that looks for data breaches and supply chain risk.
It uses artificial intelligence to scan sources such as forums, messaging platforms, file-sharing websites, code repositories, dark web among others for data breaches.
The software looks for data such as personally identifiable information, code and documents.
Robin Brattel, CEO and co-founder of Lab 1, said: “Breaches affect trust, costs, even stock performance. We know the problem is enormous because we are collecting an average of 626 breached data entities per second.
“Lab 1 can help companies build cyber-resilient supply chains, and are delighted that leading investors are backing us.”
Founded in 2o19, the platform has more than 24 billion data entities in its database of compromised or exposed data, according to the firm.
Investors in the round included Alan Morgan, the co-founder and chairman of MMC Ventures, MMC Ventures, SyndicateRoom and investor Cris Conde.
“If I were still in my former Fortune 500 CEO role, I would have been an early adopter of Lab 1 so that I could get such updates on my phone for all of my top vendors,” said Conde.
“Systemically important companies have outsourced processes and use software from thousands of providers.”
MMC Ventures backs seed to Series A technology companies.