Security operations firm ThreatQuotient has closed a $22.5m syndicate of new financing to speed up innovation and expansion within the company.
ThreatQuotient is a business that aims to bolster the effectiveness and efficiency of companies’ security operations through a platform that simplifies and speeds up investigations across teams. The firm’s technology aims to highlight top priority security threats, automate processes and offer better focus and decision support.
The investment syndicate involved $13m of equity financing from Cisco Investments, New Enterprise Associates (NEA), Adams Street Partners, Escalate Capital, Blu Ventures and Gaingels.
ThreatQuotient – who also raised $9.5m in debt financing – said it plans to use the $22.5m to accelerate execution of new innovations currently in development. Since it was established in 2013, the firm has raised $87.6m in total funding.
ThreatQuotient president and CEO John Czupak said, “As a result of a strong performance in 2020, we welcomed an opportunity to secure additional funding and add new investors to our syndicate. ThreatQuotient is meeting a critical need for security operations solutions, and we have significant expansion plans to continue this momentum.
During 2020, ThreatQuotient claims it closed multiple ‘seven-figure’ deals and achieved a record number of undisclosed transactions. It also signed an undisclosed ‘record’ number of new customers, who the firm claims are leveraging the ThreatQ platform as well as the ThreatQ Investigations cybersecurity situation room. The company also launched a new hosted service of the ThreatQ platform during the year.
Furthermore in 2020, ThreatQuotient also doubled its global footprint with customers in 12 new countries and became the first threat intelligence platform provider offering localised support from Spain. It also became the first ‘threat-centric’ security operations platform to be approved for a US Department of Defense-wide authorisation to operate (ATO).
Lastly, the business was awarded its first non-provisional patent ‘Automated Cybersecurity Threat Detection with Aggregation and Analysis’.
NEA managing general partner Peter Barris said, “ThreatQuotient gives SOC analysts, incident responders and threat analysts unmatched flexibility, visibility and control over their company’s alerts and unique threats that they can’t get from other security operations solutions. NEA is confident that ThreatQuotient’s continued momentum will lead to further market capture.
Adams Street Partners partner Fred Wang added, “Since we first invested in ThreatQuotient in 2017, their team has continued to prove to the market that there is a critical need for cybersecurity solutions aimed at security operations. Their attention to detail for customer needs and innovative approach to solving challenges are just a few reasons we are pleased to expand our investment in ThreatQuotient.”
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