Venture capitalists bet on Sublime, a startup bringing AI to email security

Core Insights - The email security market is evolving with new players gaining traction as traditional companies face challenges in retaining customers and attracting new business [10][11]. Company Developments - Proofpoint, acquired by Thoma Bravo in 2021, has seen a decline in revenue growth rates, now in the teens compared to the thirties in 2018 [7]. - Abnormal Security, valued at $5.1 billion, is gaining market share with over$200 million in annualized revenue [6][3]. - Material Security was valued at $1.1 billion in a 2022 funding round [3]. - Sublime Security, co-founded by a cybersecurity veteran, raised$60 million and is noted for its effective threat coverage [3][5]. Market Trends - The rise of generative artificial intelligence has provided both opportunities and challenges in the email security landscape, with hackers utilizing new tools while security companies develop advanced defenses [2]. - Companies are increasingly opting for next-generation tools like Abnormal and Sublime over traditional providers like Mimecast and Proofpoint [10]. Customer Insights - Brex switched from Material Security to Sublime due to better threat detection capabilities [5]. - Abnormal Security is used as an add-on by some companies to existing solutions from Mimecast or Proofpoint [7]. Competitive Landscape - Incumbents like Proofpoint and Mimecast are at risk of losing new business to innovative startups [10]. - Sublime Security's approach focuses on research and development rather than aggressive marketing strategies [14][15].