A Silicon Valley VC agency with $1.8B in belongings was hit by ransomware – TechCrunch

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Superior Know-how Ventures, a Silicon Valley enterprise capital agency with greater than $1.8 billion in belongings beneath its administration, was hit by a ransomware assault in July that noticed cybercriminals steal private info on the corporate’s personal traders, or restricted companions (LPs).

In a letter to the Maine legal professional normal’s workplace, ATV stated it grew to become conscious of the assault on July 9 after its servers storing monetary info had been encrypted by ransomware. By July 26, the ATV discovered that knowledge had been stolen from the servers earlier than the information had been encrypted, a typical “double extortion” tactic utilized by ransomware teams, which then threaten to publish the information on-line if the ransom to decrypt the information shouldn’t be paid.

The letter stated ATV believes the names, electronic mail addresses, telephone numbers and Social Safety numbers of the person traders in ATV’s funds had been stolen within the assault. Some 300 people had been affected by the incident, together with one individual in Maine, in keeping with a list on the Maine legal professional normal’s knowledge breach notification portal.

Enterprise capital companies typically don’t disclose all of their LPs — the traders who’ve thrown thousands and thousands into an funding automobile — to the general public. A variety of pre-approved names could also be included in an announcement, however total, an organization’s personal traders attempt to keep that method: personal. The explanations differ, however it comes all the way down to secrecy and a level of aggressive benefit: The agency might not need opponents to know who’s backing them, and an investor might not need others to know the place their cash goes. This explicit assault possible stole key info on a hush-hush a part of how enterprise cash works.

ATV stated it notified the FBI in regards to the assault. A spokesperson for the FBI didn’t instantly remark when reached by TechCrunch. ATV’s managing director Mike Carusi didn’t reply to questions despatched by TechCrunch on Monday.

The enterprise capital agency, based mostly in Menlo Park, California with workplaces in Boston, was based in 1979 and invests largely in know-how, communications, software program and providers, and healthcare know-how. The corporate was an early investor in lots of the startups from the final decade, like software program library Fandango, Host Analytics (now Planfun) and Apptegic (now Evergage). Its newer investments embody Tripwire, which was later bought to cybersecurity firm Belden for $710 million; Cedexis, a community visitors monitoring startup acquired by Cisco in 2018; and Actifo, which was bought to Google in 2020.


Natasha Mascarenhas contributed reporting. Ship ideas securely over Sign and WhatsApp to +1 646-755-8849. You can too ship TechCrunch information or paperwork utilizing our SecureDrop.

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