Cybersecurity startup JupiterOne has collected $19m in a funding round to help companies automate asset discovery, visibility and compliance.
Bain Capital Ventures served as the lead investor to the round, with support also coming from Rain Capital, LifeOmic and other unnamed backers.
The cybersecurity space is growing rapidly, with JupiterOne claiming spending in the space will reach a sizeable $8.5bn by 2024.
JupiterOne aims to reduce the costs and complexity of cloud posture management, risk analysis and compliance reporting, vulnerability management, threat hunting and incident response. Its technology lowers the time and effort needed in collecting and analysing assets, demonstrating compliance, remediating security gaps and improving overall security postures.
The solution replaces manual asset inventories and survey-driven security assessments with a data-driven approach to provide an objective an continuous outcome.
JupiterOne founder and CEO Erkang Zheng said, “Security is a basic right for every organization, but cost and complexity are major barriers.
“We built JupiterOne because we saw a gap in how organizations manage the security and compliance of their cyber assets day to day. Compliance should be a natural outcome of doing security correctly, and that starts with understanding what resources you have, how they are configured, who owns them, and how they are connected to each other.”
JupiterOne began life as a subsidiary of LifeOmic, a cloud-native healthcare software company. Zheng served as the chief information security officer at LifeOmic and created the JupiterOne platform to support the security and compliance needs of LifeOmic’s cloud software.
Upon receiving positive feedback, the solution became a fully fledged product.
Bain Capital Ventures partner Enrique Salem said, “JupiterOne has developed a compelling product that integrates quickly, has applicability across enterprise segments, and is highly reviewed by current customers.
“We see a large multibillion dollar market opportunity for this technology across mid-market and enterprise customers. Asset management is the first step in building a successful security program, and it’s currently a tedious, imperfect process that’s well-suited for automation.”
As part of the deal, Salem has joined the JupiterOne board of directors.
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