Panaseer, which provides an automated risk-based view of enterprise cyber hygiene, has closed its Series A round on $10m.
The financing round was led by Evolution Equity Partners with participation from existing investors including Notion Capital, Albion Capital, Winton Ventures and Paladin Capital Group, as well as new investor Cisco Investments. It brings Panaseer’s total funding to date is $15.6m, having closed a $5.6m seed round last year.
Established in 2014 by Nik Whitfield, a cybersecurity thought leader with extensive cyber-security and FinTech experience, Panaseer is primarily focused on the UK and US markets.
The company uses algorithms to perform ‘entity resolution’ to create an accurate view of an organisation’s assets, such as devices, applications and people. Its platform continuously measures the security of these assets by automatically analysing data from the myriad of security technologies deployed.
It claims to provide full visibility of an organisation’s cyber hygiene, which allows clients to do the ‘tough fundamentals of security much better’. The Platform delivers out of the box analysis for a range of security use cases, including smart device inventory, vulnerability management, patch management, end point protection and privileged access management.
Panaseer claims this automatic, data driven approach to cyber risk reduction enables organisations to ‘fire-proof rather than fire fight’.
Richard Seewald, founder and managing partner at Evolution Equity Partners, said: “We believe the attributes of the Panaseer platform are unique and provide the company with a cutting-edge advantage in the global marketplace.
“Cyber hygiene needs to be prioritised and drilled down into every organization, and Panaseer’s approach provides inside-out visibility on an enterprise’s cyber security risk posture while automating data processing, risk analysis and remedial actions. We welcome Panaseer to our portfolio of leading cyber security companies.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
