ObserveIT, an insider threat management provider, has closed its Series B funding round at $33m.
The investment round include capital from Bain Capital Ventures, Spring Lake Equity Partners and NightDragon Security, the cybersecurity investment firm founded by industry veteran Dave DeWalt. The round, which brings the company’s fundraising total to $53m, comes nearly five years after the company raised $20m from Bain Capital.
With new funding onboard, ObserveIT plans to accelerate innovation for its insider threat management solutions and expand its sales and marketing teams.
“Whether accidental or malicious, insider threats are increasing in both frequency and cost,” said Mike McKee, CEO of ObserveIT. “Our recent momentum is a testament to the market’s need for a holistic cybersecurity solution which swiftly identifies and eliminates these risks – with real-time visibility, detection, and prevention. We look forward to continuing our mission of bringing the best insider threat capabilities to market, to protect organizations around the globe.”
Based in Boston, Massachusetts, ObserveIT has more than 1,700 customers across 87 countries, helping organisations identify and eliminate insider threat. Its solution that enables security teams to detect insider threats, streamline the investigation process, and prevent data exfiltration giving comprehensive visibility into what people – contractors, privileged users and high-risk users – are doing.
Last year, Bain Capital Ventures led a $56m Series C round for Signifyd, an e-commerce fraud protection provider. Its FinTech portfolio includes Digital Currency Group, Corvus, Compound, Bench, billtrust, Acorns, Chrome River, Openfin, Novus, and Swift prepaid solutions. In the cybersecurity space, Bain has also previously backed Rapid7, a provider of security data and analytics solutions that enable organisations to implement an active, analytics-driven approach to cyber security.
Just last month, NightDragon Security participated in a $11m funding round for Social SafeGuard, a provider of software for digital risk protection. NightDragon joined AllegisCyber in the Series B round, which the company will use to help businesses stop the spread of fake accounts, fake news, brand impersonation, social phishing, malware, spam and other threats across digital and social channels.
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