Arctic Wolf Networks, a provider of security operations centre (SOC)-as-a-service company, has raised $16m in fresh funding.
The round was led by Sonae Investment Management with participation from Lightspeed Venture Partners, Redpoint Ventures and Knollwood Investment Advisory. Based in Sunnyvale, California, Arctic Wolf has now raised a more than $43m in funding, having closed a $27.2m Series B back in 2012.
With new capital on board, Arctic Wolf says it plans to â€˜address the soaring demand for SOC servicesâ€™, with the new capital fuelling growth in all aspects of the business, including sales and marketing, product development and strategic alliances.
â€œArctic Wolf is solving one of the hardest problems in security, and this funding furthers investment in technology and personnel to strengthen the companyâ€™s ability to meet the growing demand for its service,â€ said John Vrionis, partner at Lightspeed Venture Partners.
â€œWe are excited by their market traction, and we look forward to working with them as they scale the company for growth.â€
The business claims its award-winning AWN CyberSOC service delivers superior threat detection and fewer false positives by leveraging Concierge Security Engineer (CSE), Hybrid AI, Custom Rule Engine (CRulE) Intentions and Security Optimized Data Architecture.
There is no hardware or software to purchase, and the end-to-end service includes real time alerts, vulnerability scans, behavioural analytics, managed detection and response, regulatory compliance, SIEM replacement, and log analysis with machine learning.
With cybersecurity becoming even more crucial to the financial services industry, the number of investments in the sector is at an all time. Threatcare, a proactive cyber defense platform, recently raised $1.4m in seed funding led by Moonshots Capital. Founded in 2014, and headquartered in Texas, Threatcareâ€™s technology simplifies product evaluations, security controls monitoring, and training for security staff.
KMPG also recently snapped up cybersecurity assets from Cyberinc, while cybersecurity company AlgoSec collected $36m from private equity fund Claridge Israel.
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