Panaseer, which takes a data science approach to cybersecurity, has raised $ 26.5 million in a Series B funding led by AllegisCyber Capital. Existing investors including Evolution Equity Partners, Notion Capital, AlbionVC, Cisco Investments and Paladin Capital Group, as well as new investor National Grid Partners, also participated. Panaseer has now raised $ 43 million to date.
Panaseer’s special sauce and sales pitch is what he calls “continuous monitoring of controls” (CCM). In clearer English, that means correlating a large amount of data from all available security tools to verify assets, check for gaps, you name it.
As a result, the company says it can more quickly identify zero-day and other exposures, or exposure, for example, to FireEye or SolarWinds vulnerabilities.
Jonathan Gill, CEO of Panaseer, said: “Most companies have the tools and capabilities to theoretically prevent a breach from happening. However, one of the main reasons breaches occur is that there is no technology to monitor and respond to failed controls. CCM continuously validates and measures protection levels and provides fault notifications. Ultimately, CCM helps correct these failures before they become security incidents. “
Speaking to me on a call, he added, “The investment allows us to scale our organization to meet customer demands with a team of people to implement the platform and help them get it right. considerable value and to evolve the product. To add more and more capabilities to this technology to support more and more use cases. So those are the two main directions, and there is a market that we think of tens of thousands of organizations of a certain size, which are regulated or have assets to protect and a level of complexity that makes it difficult to resolve. of the problem themselves. And our advisory board and the clients I’ve spoken to believe there are maybe just 20 companies in the world that can fix this. And everyone gets stuck that this is a very difficult data science problem to solve. So we want to expand that and extend that to more organizations. “
And why did they choose these investors: “I think we chose them and they chose us, we made this journey together. It takes months to find the best combination. Dollars are all the same when it comes to investors, but I think they can help improve as an organization and grow just like existing investors do. They allow us to access and reach certain parts of the market and also help us improve as organizations. “
Bob Ackerman, Founder and CEO of AllegisCyber Capital, and Co-Founder of DataTribe, said, “The emergence of continuous controls oversight as a new category of cybersecurity demonstrates a ‘coming of age’ For cybersecurity. Cyber is the existential threat to the global digital economy. All levels of the company, from the CISO to the chief risk officer to the board of directors, demand full visibility, transparency and strict metrics to assess cyber situational awareness. “