Stellar Cyber, a cybersecurity company, has collected $7.1m in an extension to its Series A round, bringing it to a total of $21.8m raised.
The additional capital was supplied by Susquehanna International Group. Originally, the cybersecurity company received $13.2m in its Series A round in February 2019 from investors including Valley Capital Partners, Big Basin Ventures, and Northern Light Venture Capital.
Stellar Cyber went for an extension round as it believed it would be a more “efficient way of absorbing capital than opening up a subsequent funding round.”
With the fresh funds, the FinTech is looking to increase its research and development, grow sales and marketing efforts, form more partnerships, and scale its global delivery capabilities.
Silicon Valley-based Stellar is a cybersecurity analytics platform which is aims to be the SOC Command Centre for pervasive data collection, breach detection, investigation and response. Stellar works with mid- and large enterprises and services providers to build managed detection and response services.
The analytics platform can build a baseline behaviour model for a client’s specific environment and will automatically identify any anomalous and breach events. The AI technology continuously monitors the environment, accelerating breach detection times and accuracy.
Valley Capital Partners’ Raymond Choi said, “Now with a proven technology and customer track record, Stellar Cyber has a unique advantage and lead in the cybersecurity market. Extending the funding level of Series A accelerates the ability to maximise market opportunities and accelerate leadership.”
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