Sevco Security, a cloud-native Cyber Asset Attack Surface Management (CAASM) platform, has announced a significant milestone in its growth trajectory.
The company specialises in delivering the industry’s most accurate, continuously updated security asset inventory, aiming to enhance organisational protection. In a recent development, Sevco Security has raised $17m in new funding. This financial injection was led by SYN Ventures, with additional contributions from .406 Ventures, Accomplice, Bill Wood Ventures, and Washington Harbor Partners.
At its core, Sevco Security addresses the expanding cyberattack surface which now includes previously undetected and unprotected devices, users, and applications within an enterprise’s IT network. Research revealed in Sevco’s State of the Cybersecurity Attack Surface Report highlights that over 20% of IT assets accessing corporate networks are invisible to security teams, underscoring the critical market need for Sevco’s solutions. This funding round aims to bolster the company’s capacity to meet this demand, enhancing its platform capabilities and accelerating its growth. Since its inception, Sevco Security’s total funding has reached $38m.
The company’s commitment to product innovation has resulted in a 40% increase in devices under management, alongside significant improvements in contract value and multi-year deals. These achievements underscore the value that clients, including notable organizations like Workday, Sallie Mae, and Quality Carriers, place on having an accurate and comprehensive asset inventory.
2023 also saw Sevco Security prioritise growth in the channel and MSSP market, leading to the launch of the Sevco Channel Partner Program and substantial growth in MSSP ARR. The company’s efforts to expand its platform’s capabilities to understand the risk of unknown assets have introduced new features, such as the Sevco Security Action Center and enhanced Vulnerability Hunting Capabilities. These developments empower enterprises to more effectively manage and mitigate cybersecurity risks.
Sevco Security CEO and co-founder J.J. Guy shared his insights on the past year, stating, “For Sevco, 2023 was a year of prudent growth fueled by customer-led product innovation. It is our mission to help enterprises of all sizes transform the way they think about and approach asset management and cybersecurity. The funding we received will fuel existing momentum and lengthen the runway for Sevco to do just that – help organizations identify and close security gaps with accurate asset intelligence.”
This latest funding round of $17m builds upon Sevco Security’s previous investments, bringing its total raised to $38m since the company’s establishment. This continued financial support highlights the market’s confidence in Sevco Security’s innovative approach to cybersecurity and asset management.
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