Since August 2020, G-71 has been participating in class 26 of Alchemist Accelerator, one of the world’s largest accelerators. The six-month program is almost over, and on January 21, we present our LeaksID solution on Demo Day. Here is why we decided to join Alchemist and what we have achieved during the acceleration program.
About Alchemist Accelerator
Alchemist Accelerator is a venture accelerator focused on the B2B business and aimed at accelerating seed-stage startup development. The accelerator was founded in 2012. Since then, more than 300 companies have completed the program. The backers include some of the leading US corporate and venture capital funds, such as Khosla Ventures, Cisco, Siemens, General Electric, and Salesforce. There are well-known entrepreneurs among the mentors, and the community includes more than 23,000 people.
The accelerator’s screening criteria are very rigorous. Experts and mentors give preference only to products with the highest development potential. On the day of our presentation, over 152 companies were reviewed, and only 8 of us entered the program. Alchemist experts believed in our product, fully appreciated our business capability, and saw great market prospects. Therefore, our application was approved in less than a day.
Why we decided to join the program
Currently, in cybersecurity, the topic of insider leaks is quite critical. Over the past two years, the number of incidents has increased by 47%. The average damage to one company has risen by a third, costing $11.45 million. In almost half of the cases, cybercriminals use photographs of documents or their printed copies. Generally, such threats are not covered by traditional security systems such as DLP (Data Loss Prevention) and VDR (Virtual Data Room).
Fortunately, our LeaksID solution successfully solves this problem. It automatically marks any file with unique tags that are invisible to the human eye. Each time the file is accessed, a new copy of the document with different tags is created. Using these marks, LeaksID can accurately determine who worked on a particular copy and when, and in case of a data leak, it can identify its source. Each part of the document is marked, so even if a violator gets a small fragment of the document, our system will accurately determine the copy’s owner. Presently, LeaksID is the only technology that can effectively resist a new generation of insiders who use screenshots and take pictures of computer screens or printouts with a smartphone.
Our corporate customers have confirmed the efficiency of the LeaksID system. Most companies have completely stopped data leaks, while others have minimized them.
We entered the acceleration program to expand our presence in the US market. Besides, Alchemist top managers and experienced mentors inspired us to add new useful features to our product functionality. In general, the accelerator program has become an excellent opportunity for us to extend communication, strengthen ties with partners and potential investors, and make new useful contacts.
After six months of hard work, we have made significant progress, and we plan to present our achievements on Demo Day. We invite everyone to join the Demo Day online broadcast on January 21.