McLean, Va.-based, Grey Market Labs, dba Replica Cyber, has closed an $8 million Series A funding led by New York-based Capri Ventures, with participation from cyber-focused Blu Venture Investors and Hong Kong’s AFG.
Founded as a public benefit corporation, Grey Market builds software and hardware products to enhance the security and privacy of users. Co-founders Kristopher Schroeder and Ryan Underwood say the startup emerged from years of work at Booz Allen Hamilton “protecting the United States from foreign intelligence.” Schroeder spent 17 years driving technology and marketing strategy at Booz Allen, while Underwood headed engineering at the defense contractor.
Roots in ‘Embedded Statecraft’
Grey Market’s flagship product is Secure Environments-as-a-Service called Replica, with three variants —Platform, Workplace and Edge. Replica is also available as a hosted service.
“Replica is the culmination of over 20 years of experience in embedded tradecraft, intelligence operations, and cutting edge software,” said Schroeder, a Johns Hopkins University alumnus. “This funding will allow Grey Marketing Labs to accelerate our vision to deliver even more impactful solutions for our customers,” he added.
Capri Ventures’ Dennis Shaya hailed Grey Market for its “innovative approach and deep expertise,” that he said has positioned the company “as a frontrunner in the industry, especially financial services.”
Varied Use Cases
Replica aims to simplify creation of “comprehensive hybrid-computing systems, delivering privacy and security while giving control to business users, and reducing the burden on IT by 99.73%.” The company says its platform has been put to a variety of uses, ranging from targeting Russian misinformation campaigns in Ukraine to disrupting financial scams, and testing of new technology with proprietary data. By integrating patented technology, intelligence tradecraft and Zero Trust architecture, Replica says it creates “realistic IT environments that encompass hardware, operating systems, applications, networks, and data layers.”
Following the funding round, Zscaler board member Andy Brown, formerly the chief technology officer of UBS, and Shaya will be joining Grey Markets’ board. The company also announced additions to its advisory board — former Goldman Sachs tech chief Don Duet and Angel Kids AI founder Tim Estes. Existing members of the advisory board include former Mercator XXI executive Christopher Caine and former Booz Allen Hamilton executive Gary Cubbage.
Commercial Real Estate
MacKenzie Companies
Advertising / Media / Communications / Public Relations
Nevins & Associates
Financial Services / Investment Firms
Chesapeake Corporate Advisors
Commercial Real Estate
Monday Properties
Venture Capital
Blue Delta Capital Partners
Internet / Technology
Foxtrot Media
Cyber-Focused Investors
Vienna, Va.-based Blu Venture, founded in 2010, has invested nearly $100 million in 84 startups, focusing on SaaS and technology ventures. Its most recent fund of $25 million was raised last year. Blu’s portfolio investments this year include Pearl, Zeeve, Cybera, Sprockets, Todyl and CommSafe AI.
J.S. Gamble, one of the firm’s founders, serves as its managing partner. He previously worked at consulting firms McKinsey and Price Waterhouse.
New York-based Capri Ventures, founded in 2015 by Alex Pinchev, invests in startups focused on cybersecurity, AI, machine learning, Internet of Things, open source, cloud management, next-generation infrastructure, and big data sectors. Its recent investments include Cybord, Velotix, FieldPulse, Elastio Software and Memcyco.
