SOCRadar, a provider of enterprise-grade, end-to-end threat intelligence and brand protection, has concluded its Series B funding round on $25.2m.
The investment was led by PeakSpan Capital, with participation from Oxx, underscoring investor confidence in SOCRadar’s innovative cybersecurity solutions.
The pandemic-induced surge in digital transformation, coupled with widespread cloud migrations and increased remote work, has elevated the importance of external cybersecurity to unprecedented levels.
According to Verizon’s DBIR 2023 Report, 83% of respondents identified external threats as the primary cause of cyber incidents, with ransomware, Business Email Compromise (BEC), and phishing as the leading threats. FBI’s Internet Crime Report 2023 further highlights the prevalence of phishing and BEC, emphasizing the urgent need for robust cybersecurity measures. Alarmingly, it’s projected that cyberattack-related financial losses will reach $10.5 trillion annually by 2025, marking a staggering 300% increase from 2015.
SOCRadar’s core mission revolves around delivering proactive defense against various cyber threats, including ransomware, phishing, and BEC, while also preemptively detecting and thwarting potential attacks.
“Our main mission is to provide proactive protection against external cyber threats for companies of all sizes,” said Huzeyfe Onal, CEO of SOCRadar. This investment will help us continue to expand in key geographies and further bolster our AI capabilities across our platform.
SOCRadar employs an innovative go-to-market strategy that prioritizes product-led growth and sales, enabling it to reach and engage customers worldwide effectively. The company boasts over 25,000 freemium customers from 150+ countries and counts 600+ active paid customers and 350+ channel partners. This widespread adoption underscores the universal nature of cybersecurity challenges and the efficacy of SOCRadar’s solutions in addressing them.
At the heart of SOCRadar’s offerings is its flagship product, the Extended Threat Intelligence (XTI) cloud-based SaaS platform, which provides comprehensive external cybersecurity solutions. These include Cyber Threat Intelligence, External Attack Surface Management, Brand Protection, Dark Web Monitoring, and Supply Chain Threat Intelligence. Cost-effective, seamlessly integrated, and user-friendly, SOCRadar’s platform empowers organizations to proactively defend against primary external breach vectors.
The proceeds from the Series B round will primarily fuel SOCRadar’s expansion efforts in the US market, bolster its presence in the EU market, penetrate the Managed Service Provider (MSP) and Managed Security Services Provider (MSSP) sectors, and drive further research and development initiatives. Specifically, SOCRadar will leverage artificial intelligence (AI) to enhance threat detection, response, and automated remediation capabilities across its platform.
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
