Global cybersecurity SaaS platform Field Effect has secured $34.5m in a funding round from Edison Partners and Round13 Growth Fund.
Field Effect was founded to supply SMEs with cybersecurity tools, with most existing solutions aimed at large enterprises with huge budgets and deep security expertise.
Its Field Effect Covalence solution monitors, detects and actively responds to cyber threats across endpoints, cloud services and networks.
While its Field Effect Cyber Range is a simulation-based cybersecurity training platform used to grow individual skills, rehearse incident response, and train teams.
Speaking on the deal, Round13 Growth Fund general partner Alex Yanitsky said, “The shift to remote work along with the increase in cyber attack sophistication has created a new set of cybersecurity challenges for SMEs which Field Effect is uniquely positioned to help solve.
“We are extremely impressed by Matt and his team and believe that Field Effect can become the leading provider of cybersecurity software to SMEs.”
Field Effect claims that it has built the most sophisticated cyber threat monitoring platform in the world. Solutions offered by the platform include incident response, managed cybersecurity, phishing simulations, secure IT operations, simulation training environments and virtual CISO service.
Its technology is used by Telus, Cira, Canadian Chamber of Commerce and the Canadian Cyber Threat Exchange.
There has been a lot of CyberTech deal activity this month. Earlier in the week, SensCy secured a $4m seed round to help SMEs bolster their cybersecurity health.
Also this week, Interpres Security became the third CyberTech company to launch out of stealth this month. The company launched alongside an $8.5 seed funding round. Interpres offers a customised, continuous and threat-informed analysis of an organisation’s detection and mitigation capabilities.
Another CyberTech to launch out of stealth this week was Axiom, a cloud security solution, which also raised $7m.
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