Cybersecurity platform Panaseer hits $26.5m close on its Series B round

Panaseer, which claims to be the first continuous monitoring platform for enterprise security, has scored $26.5m in its Series B round.

AllegisCyber Capital served as the lead investor, with commitments also coming from Evolution Equity Partners, Notion Capital, AlbionVC, Cisco Investments and Paladin Capital Group. Also joining the round was new investor National Grid Partners.

With the burst of capital, the company plans to accelerate its product feature development, and enhance customer success and service delivery.

This funding comes after a strong year of growth, with Panaseer claiming to have increased its annual recuring revenue by 3.3-times during 2020.

Panaseer claims its platform is unique in that it correlates data from all security tools to identify missing assets, control gaps and underperforming controls. It claims its platform enables quick understanding of zero-day and other exposures.

An example offered by the company is that organisations can immediately understand exposure to FireEye or SolarWinds vulnerabilities to see how they impact business-critical systems or processes, aw wells as quantitatively validate and track remediation through accountable owners over time.

Panaseer CEO Jonathan Gill said, “Most enterprises have the tools and capability to theoretically prevent a breach from occurring. However, one of the key reasons that breaches occur is that there is no technology to monitor and react to failed controls.

“CCM continuously validates and measures levels of protection and provides notifications of failures. Ultimately, CCM enables these failures to be fixed before they become security incidents, saving time, cost, and allowing businesses to go faster. Our investors are providing further validation of the market so we can enable more enterprises to evolve their cybersecurity at the speed of their business.”

With the close of the round, the company has secured a total of $43m in funding.

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