Tugboat Logic, a security assurance platform, has closed a funding round on $8m, after witnessing a strong year of growth, it claims.
Inovia Capital served as the lead investor, with additional contributions coming from Westwave Capital and angel backers including ISS founder Tom Noonan and Carbon Black founder Terry Dolce.
With the close of the round, the company will expand its automated compliance tools, increase its network of security partners and grow its customer success infrastructure.
TugboatCEO and founder Ray Kruck said, “Enterprises choose Tugboat Logic to solve a sales problem.
“Our customers need help knowing what they need to do to pass the security due diligence stage of the sales process. We provide them with the guidance and automation to become audit-ready quickly, and then leverage their security posture with compelling assurance tools to share with their customers.”
Tugboat is looking to deepen its AssureLogic AI engine to bolster its automation capability. The tool collects evidence automatically and continuously across cloud and core enterprise apps to help secure customers.
It also enables clients to responds to security questionnaires by automatically searching its database to find the relevant answers. Finally, the solution can pass audits by automatically searching for evidence and presenting it to the auditor.
Inovia partner Shawn Abbott said, “We are excited to partner with Tugboat Logic to lead the Security Assurance market where we see the opportunity to bring automation and innovation to advance security operations for the enterprise.
“There is a gap in the market for a new approach to help InfoSec teams scale up their impact on the business with applications and services that drive topline revenue for the organization. This gap is most acute for the small to mid-enterprise market where security and compliance assurance can be most challenging to achieve.”
In the future, the company is planning to increase its partner network of auditors, security technology vendors and security service providers to bolster the services it offers customers.
Copyright © 2018 RegTech Analyst
