Lacework, a security and compliance for the cloud generation, has hit a $1bn valuation after the close of a $525m funding round.
The capital injection was led by Sutter Hill Ventures and Altimeter Capital. Additional support came from D1 Capital Partners, Coatue, Dragoneer Investment Group, Liberty Global Ventures, Snowflake Ventures and Tiger Global Management.
This investment comes after Lacework sees rapid adoption of its Amazon Web Services (AWS), Microsoft Azure, Google Cloud, and Kubernetes services. Lacework claims to have had more than 300% in revenue growth during 2020.
With the fresh equity, the company is looking to increase its go-to-market and partner ecosystem operations, as well as grow its engineering and R&D teams across the US and Europe. Funds will also help it deliver additional integrations across the devops toolchain and into security data lake initiatives.
The next phase of its growth will focus on extending its SaaS security platform and moving into adjacent spaces, with a focus on enabling customers to innovate in the cloud with safety and speed.
Lacework was designed to see and understand cloud changes at scale without requiring manual interventions by security teams. This provides users with visibility, context and telemetry needed to quickly assess cloud security postures, prove compliance, secure cloud workloads and investigate anomalous activity and answer auditor’s questions.
The company claims its technology reduces false positives by up to 98% and investigation time by more than 90%, it claims.
Lacework CEO Dan Hubbard said, “Building on cloud is the biggest shift the IT industry has ever witnessed. Constant cloud changes require a new approach to security critical for our customers adapting and scaling as fast as clouds innovate. This round will allow us to extend our product differentiation leadership, which is critical in a transformative market driven by both fast-moving builders and sophisticated attackers.”
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