Verodin, a company helping to validate the effectiveness of cybersecurity controls, has closed a $21M Series B funding round.
The financing was led by TenEleven Ventures and Bessemer Venture Partners (BVP), with participation from Capital One Growth Ventures, Citi Ventures and all existing investors. It brings Verodin’s total funding to $34M and will be used to develop its Security Instrumentation Platform (SIP), increase hiring across all functional areas and expand its global sales reach.
Verodin’s Security Instrumentation Platform (SIP) provides evidence of the effectiveness of customers’ cybersecurity controls, enabling them to validate the protection of their business-critical assets.
Following the investment, Mark Hatfield, founder of TenEleven Ventures, has joined the company’s board of directors.
“Boards and C-level executives increasingly want evidence that the dollars and effort they spend on cyber defenses are actually working,” said Hatfield. “Verodin is leading a revolutionary shift in cybersecurity, delivering organisations the evidence they need to measure, manage and improve their cybersecurity effectiveness.”
Headquartered in Tysons, Virginia, Verodin was founded in 2014. The company claims to instrument cybersecurity by deploying its SIP software into customer IT environments to test the effectiveness of the customer’s endpoint, email, cloud and network controls.
It solution continuously executes tests and analyses the results to proactively alert on drift from a known-good baseline, validate and optimize control configuration, and provide evidence demonstrating if the controls purchased and deployed are actually delivering the desired business outcomes.
“Forward-leaning organisations are realising they can no longer afford to assume their cybersecurity controls remain effective over time,” added BVP Partner Bob Goodman. “Verodin is very clearly defining the market with a strong vision and impressive customer traction. We are excited to partner with the team.”
TenEleven Ventures is a venture capital fund that is focused solely on investing in digital security. Since its founding in 2015, Ten Eleven Ventures has invested in fourteen cybersecurity companies including Cylance, DarkTrace, Jask, Optiv and Twistlock.
Last year, the venture capital firm participated in Darktrace’s $75m Series D round. The company develops machine learning products to help protect critical national infrastructure.
Just last month, TenEleven participated in Jask’s $25m Series B round. Founded in 2015, Jask provides an asset-independent, open platform that gives prioritised threat information with an autonomous workflow of what, where, why and how SOC analysts should take action.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
