Online risk management company Digital Shadows has received a $26m Series C funding round to aid global expansion.
The investment was led by Octopus Ventures, and participation also came from World Innovation Lab, Industry Ventures, and all of the company’s previous backers.
Digital Shadows monitors and manages digital risk through its monitoring of data sources within the open, deep and dark web, to help protect from cyber-attacks. The company’s SearchLight product uses data analytics, with human analysts, to assess and mitigate a client’s brand exposure, VIP exposure, cyber threat, data exposure, infrastructure exposure, physical threat and third-party risk.
This capital will be used to fund growth of its capabilities, expanding operations globally and the marketing and development of its SearchLight product.
Earlier in the year Octopus Ventures closed a near £120m tech fund, and is keen on investments in UK AI businesses. The firm’s portfolio consists of companies including customer security provider BehaviosSec, authentication and encryption platform MIRACL and global open banking network Token.
Including the latest wave of funding, Digital Shadows has raised up to $48m, with the company nabbing $14m for its Series B, which was led by Trinity Ventures, last year.
Following the transaction, Octopus Ventures investor Luke Hakes will join the company’s board of directors.
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