This week’s deals reflect investor appetite for cybersecurity solutions across different industries, particularly in light of the pandemic. Swimlane’s splashy $40 million of funding highlights the bunch, embodying a focus on reducing manual processes in incidence response and threat intelligence. Spidersilk’s $2.25 million seed funding round and Axiad’s $20 million of funding also speak to this hypothesis, particularly with the recent growth in use of automated tools and machine learning algorithms to address cybersecurity use cases. In other news, Mitek Systems announced a record Q1 for the company, earning $26 million in revenue (18% increase YOY). This was spurred by a 40% YOY increase in their identity verification revenue ($10.4 million), proving out an analogous demand trend for IDV throughout the pandemic.
Developer of a comprehensive data privacy management platform designed for companies to answer critical data privacy questions. The company's cloud-based platform automatically maps companies' public cloud assets and facilitates the management of third party relationships, enabling companies to leverage their compliance obligations to maximize the potential of their data assets and privacy priorities to lead to a competitive advantage.
The company raised $2.25 million of seed funding in a deal led by Global Ventures (Dubai) and STV on January 25, 2021. Other undisclosed investors also participated in this round. The funds will be used to build out its security, engineering and data science teams, as well as its marketing and sales and in expansion of its presence to North America with sales and engineering teams.
Provider of a cloud platform for industries including aerospace and defense, energy and oil, finance, healthcare and transportation. The company's platform helps its clients to manage cybersecurity risks, compliance and operational efficiency for their workforce, partners and customers.
The company received $20 million of development capital from Invictus Growth Partners on January 25, 2021. The deal will enable the company to accelerate sales, marketing and development of its cutting edge multi-factor authentication platform.
Developer of a security automation and orchestration platform designed to combat rapidly evolving cyber threats. The company's platform offers an automated incident response, real-time visibility and oversight, increased situational awareness, and expert threat response, thereby enabling businesses to maximize their incident response capabilities for overburdened and understaffed security operations.
The company received $40 million of development capital from Energy Impact Partners on January 19, 2021. This funding will accelerate partnerships and alliances, expand research and development, and enable further global expansion.
STV is a venture capital firm based in Saudi Arabia, acting as the venture capital arm of Saudi Telecom Company. The firm seeks to invest in the information technology sector, and is focused on expanding portfolio focus on consumer demand for digital services.
Active Portfolio - 12
Investments (TTM) - 7
Med. Round Amount - $13.00M
Med. Valuation - $1.01B
# of Exits - 1