Cybersecurity and cyber compliance company DefenseStorm has added $19m to its coffers to support its growth.
The investment was divided in two parts. The first consisted of a Series B round worth $12m led by Georgian and supported by TTV Capital. The second was made up of $7m in growth capital financing from CIBC Innovation Banking. DefenseStrom will use the cash injection to accelerate the further development of DefenseStorm’s capabilities.
“Thanks to the support of Georgian, TTV Capital and CIBC Innovation Banking, DefenseStorm is poised for another incredible growth period,” said Steve Soukup, CEO of DefenseStorm. “Our primary goal is to invest our time and resources into our current and potential customers, our hardworking employees and our own innovative solutions to continue serving the financial industry to the best of our ability.”
The news comes after cyber criminals have intensified their activities during the Covid-19 pandemic, causing a jump in demand for cybersecurity solutions.
“The market is demanding effective cybersecurity and compliance solutions, and DefenseStorm is answering on all fronts: efficient service, next-generation platform, and an exceptional team to execute,” said Alex Manea, head of security and privacy at Georgian.
Paul Gibson, managing director at CIBC Innovation Banking, added, “DefenseStorm helps financial institutions stay ahead of security threats by ensuring the integrity of their networks and client data. We are proud to work with DefenseStorm to provide flexible financing solutions to help fuel its continued growth and further expand its security and compliance offerings.”
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