DFLabs, a provider of security automation and orchestration technology, has raised about $3.5m in additional funding.
The funding, which comes from Evolution Equity Partners, brings the company’s total funding to $9M. In May 2016, DFLabs secured $5.5m in Series A funding from Evolution, with Richard Seewald and Dennis Smith, who both lead the cyber-security practice of the growth equity company, will join DFLabs’ board of directors.
Along with the new funds, DFLabs announced that it has also doubled revenues in 2017 and expanded operations in the US and Europe to capitalize on accelerating demand among Fortune 500 and Global 2000 enterprises, government agencies, law enforcement and intelligence agencies.
With offices in Boston and Milan, DFLabs claims to have pioneered intelligence-driven security monitoring, automation and orchestration through the use of machine learning and rapid response runbook capabilities. Its flagship product, IncMan, also claims to be the only platform capable of full incident lifecycle automation that includes built-in, automated threat intelligence gathering, risk assessment, triage and notification, context enrichment, hunting and investigating, and threat containment.
“2017 was our best year to date on all fronts, revenue bookings, customer acquisition and fund raising,” said Dario Forte, CEO of DFLabs. “Recent high-profile data breaches have forced organizations to recognize that prevention is no longer sufficient, they also need automated capabilities to quickly respond to and neutralize security incidents. This additional financing from Evolution Equity Partners will enable us to invest in the resources we need to keep up with market demand for IncMan around the world.”
The company’s management team management team is composed of seasoned leaders from the government and private sector, including the EU, Accenture, Deutsche Bank, Gartner and Guidance Software. The team has also helped shape the cyber security industry, which includes co-editing several industry standards such as ISO 27043 and ISO 30121.
Last year, Evolution Equity Partners joined a $27.5m Series C funding round for risk and compliance solution SecurityScorecard. The round was led by Nokia Growth Partners, and also included Moody’s Corporation, AXA Strategic Ventures, Intel Capital, Sequoia Capital, Google Ventures, Boldstart Ventures, Two Sigma Ventures.
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