Independent security orchestration, automation and response (SOAR) company Swimlane has closed its Series B financing round on $23m.
Energy Impact Partners (EIP), a utility-backed energy investment firm, led the series investment. The round brings Swimlane’s total equity raised to $35m and the fresh funds will be used to further its goal of automating cybersecurity.
Swimlane also hopes to use the funds to expand its global alliances and improve collaboration between organisations and sectors.
The cybersecurity company was designed to combat real-world threats, automating 80 – 90 per cent of the incident response process. Headquartered in Colorado, Swimlane helps to orchestrate threat management across disparate platforms, collect and consolidate relevant alarm and event data, and automatically initiate interactions on any third-party system.
Financial services have integrated the Swimlane solution to automate and orchestrate playbooks and accelerate respond times. In addition to this, it helps document and standardise industry-specific incident response processes to meet compliance with GLBA and SOX.
This investment follows a strong period of growth for Swimlane which has seen it boost its revenue by 544 per cent since 2017.
Swimlane co-founder and CEO Cody Cornell said, “The sheer volume of threats, shortage of available security talent and lack of integration between existing security and IT products creates an almost impossible situation for the modern security ops team.
“Swimlane is built for organizations looking to alleviate the pain of being understaffed and overworked, improving staff retention by moving away from reactive mundane tasks, and ultimately, creating a more proactive, effective and secure organization.”
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