Arctic Wolf Networks, a security operations center-as-a-service company, has raised $45m in Series C funding.
The round, which led by Future Fund, brings the company’s total fundraising to date to $91.2m. Adams Street, Unusual Ventures, Lightspeed Venture Partners, Redpoint Ventures, Sonae Investment Management and Knollwood Investment Advisory also participated in the round.
Arctic Wolf said it will use the new funding to accelerate company growth and meet the ‘soaring demand’ for its SOC-as-a-service offering. Since its founding in 2012, the company has achieved a 219% year-over-year customer growth rate, more than doubled its staff in the last year.
“Our growing team of security engineers is redefining the economics of security to protect companies of all sizes,” said Brian NeSmith, CEO and co-founder of Arctic Wolf. “In addition to supporting continued company growth, the funding will accelerate expansion of our service offering, as we continue to scale and expand to meet our customers’ individualized needs. We look forward to continuing our momentum and building out our internal vulnerability assessment and endpoint detection and response capabilities, in particular.”
Arctic Wolf’s offering allows companies to combat the cybersecurity skills shortage and cost-prohibitive nature of building their own SOC. Its AWN CyberSOC is anchored by Concierge Security Engineers and includes 24×7 monitoring, custom alerting and incident investigation and response. There is no hardware or software to purchase, and the end-to-end service includes a cloud-based SIEM, threat intelligence subscriptions and all the expertise and tools required, according to the company.
“Arctic Wolf is a uniquely differentiated service and addresses a need in the cybersecurity market that is not met by pure product companies,” said John Vrionis, managing partner at Unusual Ventures.
“By focusing on the outcome of detection and response, the company is one of the few service providers that are able to deliver the end goal of securing an enterprise from cyberthreats.”
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