Summary:
Elad Schulman led Lasso Security's adaptation during the war, maintaining focus on product development and military support.
Lasso raised $6 million in funding but faced challenges due to controversial investor comments.
Naftali Bennett joined Lasso's board, enhancing strategic direction and connections.
Lasso aims to become the Wiz of GenAI security, addressing the rapidly growing market for AI cybersecurity solutions.
Schulman's motivation is to exemplify hard work for his children, aiming for Lasso to be a once-in-a-decade cybersecurity company.
A Startup's Journey Through Turmoil
On the night of October 1, 2023, Elad Schulman, CEO of Lasso Security, was on a crucial call with an international client when alarms rang out due to a ballistic missile attack from Iran. Despite the chaos, he maintained professionalism, ensuring the client remained unaware of the situation.
Founded in June 2023, Lasso Security's story is not just about typical startup challenges but also about navigating a war. Schulman recalls, "On October 7, we were just starting development with only eight employees when the war broke out. Many of our team members were drafted into the reserves, leaving us with just five employees."
Dividing Efforts
To adapt, the team split into two groups: one focused on product development and the other on supporting soldiers by raising funds and transporting military equipment. Schulman and his CPO, Yuval, took charge of the war effort while CTO Lior led the remaining employees on product development.
Funding Hurdles
Lasso emerged from stealth in November 2023, announcing a $6 million funding round, but faced backlash when investor Paddy Cosgrave made controversial remarks regarding Israel. This led to a decision to decline his investment, creating an unexpected budget gap that forced the company to sharpen its focus.
Strategic Guidance
Former Prime Minister Naftali Bennett joined Lasso's board, enhancing the company’s strategy and connections, leveraging his experience in cybersecurity.
The Vision of Lasso
Lasso aims to secure generative AI tools like OpenAI's ChatGPT and Google's Gemini. Schulman envisions Lasso as the Wiz of GenAI security, recognizing the risk involved in pioneering this new sector. Despite the competition growing rapidly, Lasso has already generated nearly $1 million in sales, including contracts with U.S. federal agencies.
The Lasso Name
The name 'Lasso' symbolizes the need for order in the chaotic landscape of generative AI. Schulman embraces this analogy, often wearing cowboy-themed attire at conferences.
Addressing AI Risks
Lasso’s solution mitigates risks associated with employees unknowingly exposing sensitive data through AI tools. Schulman emphasizes that traditional cybersecurity measures are inadequate for the conversational nature of AI applications.
The Growing Market
The demand for AI-specific cybersecurity solutions is skyrocketing, especially in regulated sectors like finance and healthcare. Companies are beginning to allocate specific budgets for these protective measures.
Schulman's Motivation
Having previously sold two startups, Schulman returned to entrepreneurship not for financial gain but to set an example for his children about hard work and dedication. He believes Lasso can become a once-in-a-decade company in cybersecurity, aiming to revolutionize the industry.
Future Prospects
Schulman anticipates further funding rounds and believes that the future of cybersecurity solutions will emerge from innovative startups like Lasso, not just from established giants. He aims for Lasso to be a leader in this rapidly evolving field, potentially turning down substantial acquisition offers in the future.
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