Vulnerability remediation orchestration platform Vulcan Cyber has closed its Series B round on $21m, which was led by Dawn Capital.
Participation also came from Wipro Ventures and previous Vulcan Cyber backers YL Ventures and Ten Eleven Ventures.
With the equity, the company plans to launch new remediation solutions for cloud and application security teams. The company is also planning to launch Vulcan Free, a free risk-based vulnerability management platform for vulnerability and cyber risk prioritisation.
This funding comes after a very strong year of growth for Vulcan, which culminated in its annual recurring revenue skyrocketing by 500%. In addition to launching products, part of the Series B funding will be used to meet the rising demand for its services.
Vulcan Cyber CEO and co-founder Yaniv Bar-Dayan said, “Vulcan Free changes decades-old market dynamics that only focus on vulnerability identification instead of driving remediation outcomes. Remediation orchestration is the only viable way to deliberately align vulnerability management with the needs of digital business and cloud and application environments.
“This round of funding allows us to make these critical security tools available to more organizations free of cost, so they can get fix done.”
The cybersecurity company helps enterprise lower risk through measurable cloud and application security. Its platform prioritises vulnerabilities, ensures the right people are prepared and automates remediation tasks.
Other plans for the funding includes expanding its channel programme and managed service provider relationships.
As part of the investment, Dawn Capital principal Henry Mason, YL Ventures partner John Brennan and Ten Eleven Ventures founder and general partner Mark Hatfield, will join the Vulcan Cyber board of directors.
Vulcan Cyber previously raised $100m in a funding round in 2019, which enabled it to open an office in Singapore and marked its first international office.
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