Cybersecurity platform Sysdig has reached unicorn status, after its $118m Series F round puts its valuation at $1.19bn.
Premji Invest & Associates and Third Point Ventures served as the lead investors, with commitments also coming from Accel, Bain Capital Ventures, DFJ Growth, Glynn Capital, Goldman Sachs, Insight Partners, and Next47.
Capital from the round will help the RegTech to further the innovation within its open source foundation, as well as bolster its DevOps platform and grow its research and development teams.
Funds will also be used to bolster its sales and marketing efforts in the US, Europe, Japan and Australia, as well as enter new markets in the Asia-Pacific region. To support this growth, Sysdig will build ecosystem and channel partnerships around the world.
Sysdig offers a secure DevOps platform to boost security and visibility to confidently run containers, Kubernetes, and cloud. Its platform can ensure cloud security to help businesses reduce their risk.
The company’s funding comes after strong growth, which includes and annual revenue retention of 140% at the end of FY21.
Bain Capital Ventures partner Enrique Salem said, “The current security stack based on a firewall mentality and promoted by incumbents is irrelevant in the cloud. Sysdig takes a secure DevOps approach, allowing teams to ship cloud apps faster while managing security risk. They built on an open source security stack, which we see accelerates innovation and adoption.”
As part of the deal, Third Point Ventures managing partner Robert Schwartz, Premji Invest & Associates managing partner Sandesh Patnam and Bain Capital Ventures partner Enrique Salem.
Premji Invest & Associates US managing partner Sandesh Patnam said, “The cloud is driving a transformative shift in the way applications are developed and secured. This levels the playing field for young, innovative companies to emerge as leaders in this new, exciting category. We are extremely deliberate in our investments and expect Sysdig will not only have a successful IPO, but deliver strong long-term returns in the public market.”
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