Memcyco is a company that was founded for creating a world in which users are able to confidently interact with businesses online and scammers are deterred from impersonating brands. To learn more about the company, Pulse 2.0 interviewed Memcyo CEO and co-founder Israel Mazin.
Israel Mazin’s Background
Mazin started his high-tech journey during his military service.
“At the beginning of my career, I was a member of MAMRAM, the computing center of the Israel Defense Forces,” said Mazin. “In 1993, together with Eli Mashiah, I founded MEMCO Software, a security software company for open systems, and served as its chairman and CEO. MEMCO IPOed on NASDAQ, and in 1999 was acquired by CA for about $570 million. Following that, I have found a number of high-tech companies in the areas of APM, network management, etc. In 2021, I founded Memcyco.”
Formation Of Memcyco
How did the idea for Memcyco come together? “Memcyco was conceived from an observed gap in the cybersecurity market, which we have validated with a significant number of potential customers,” Mazin explained. “We noticed that there was a significant delay between the discovery of a brand impersonation attack (if at all) and the takedown of the fraudulent website. This window of vulnerability could have disastrous consequences for both brands and their customers. That inspired the development of Memcyco, to provide real-time detection and protection.”
Favorite Memory Working For Memcyco
What has been Mazin’s favorite memory working for Memcyco so far? “There are many, but one that stands out is the first time we were able to help a client prevent a potential brand impersonation attack in real-time. Seeing our technology effectively safeguard the client’s brand and their customers’ trust was an incredible validation of our mission,” Mazin reflected.
Challenges Faced
What are some of the challenges Mazin faced in building Memcyco and has the current macroeconomic climate had any effect on the company? “Like any startup, we faced typical challenges related to product development, market penetration, and funding. Additionally, educating the market about a new, proactive approach to brand impersonation protection has been a significant task,” Mazin acknowledged. “The current macroeconomic climate, particularly the accelerated digital transformation and the ensuing growth in cyberattacks, has only emphasized the need for our solution. “
Core Products
What are Memcyco’s core products and features? “Memcyco’s core product is a real-time brand impersonation detection and protection solution. Its main feature is issuing instant alerts to users navigating fake websites – while simultaneously notifying the targeted brand, reducing the vulnerability window, and preventing potential financial and reputational damage,” Mazin explained. “Memcyco can also provide an additional feature: a digital watermark displayed on the organization’s actual website, that reassures customers of the website’s authenticity – same as the watermarks which protect banknotes. Organizations can easily integrate the watermark into their website and allow their customers to tailor it to their needs with their own secret so that it is instantly recognizable and impossible to forge. This cultivates a secure environment and affinity for the organizations’ customers, promoting digital trust.”
Evolution Of Memcyco’s Technology
How has Memcyco’s technology evolved since launching? “Since launching, we have refined our algorithms (including our AI-based mechanisms) and have improved our ability to detect brand impersonation attacks even in their early planning stages,” Mazin pointed out. “We are continuously working to improve the speed, accuracy, and effectiveness of our solution.”
Significant Milestones
What have been some of Memcyco’s most significant milestones? “Some key milestones include our initial successful preventions of brand impersonation attacks, closing our initial round of funding, and expanding our client base to include numerous reputable brands across different industries,” Mazin shared.
Funding And Revenue Model
When I asked Mavin about the company’s funding and revenue model, Mazin replied:
“Memcyco generates revenue through subscription-based services for our real-time detection and protection solution. As for funding, we have recently closed a $10 million seed funding round, which will significantly help in the growth and development of Memcyco.”
Differentiation From The Competition
What differentiates Memcyco from its competition? “Memcyco’s real-time brand impersonation detection and protection differentiate us from other solutions that rely on post-attack takedowns. Our solution provides alerts immediately, drastically reducing the vulnerability window and offering superior protection,” Mazin revealed. “Our watermark, mentioned earlier, is also a unique element, which is currently patent pending.”
Future Company Goals
What are some of Memcyco’s future company goals? “Our future goals include expanding our global footprint, refining our technology to stay ahead of evolving cyber threats, and continuing to provide unrivaled brand impersonation protection to businesses worldwide. Future products in the digital trust space will include elements such as email fraud protection, voice-based impersonation attack detection and protection, and more, which will make us one of the leaders in digital trust,” Mazin affirmed.
Additional Thoughts
“I would like to highlight the importance of proactive cybersecurity measures in today’s increasingly digital world. The rapid digital transformation has only increased the need for solutions like Memcyco’s. We are committed to continuously improving our offering to meet and exceed the evolving cybersecurity needs of businesses,” Mazin concluded. “I would also like to mention the unique profile of Memcyco’s team, which has a mix of seasoned veterans of the Israeli hi-tech industry together with younger employees fresh from their service in various IDF elite tech units like unit 8200. It is this rare composition which makes Memcyco such a unique company.”
