Panaseer raises $26.5M in Series B funding led by AllegisCyber Capital. The startup is known to take up a data science approach towards cybersecurity. Various investors like Evolution Equity Partners, Notion Capital, Albion VC, Cisco Investments, and Paladin Capital Group. Other investor includes National Grid Partners. Panaseer has raised $43 million to date. The company’s sales pitch is called “Continuous Controls Monitoring” (CCM). In basic English, it means to correlate the data from available security tools to check assets, control gaps, and more. As a result, the company can identify zero-day and other exposures faster, or exposure to, say, FireEye or SolarWinds vulnerabilities.
The statement from Panaseer CEO:
CEO Jonathan Gill says, “Most enterprises have the tools and capability to theoretically prevent a breach from occurring. However, one of the key reasons 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.”
“The investment allows us to scale our organization to meet those demands of customers with a team of people to implement the platform and help them get tremendous value and to evolve the product. To add more and more capability to that technology to support more and more use cases. So there’s a market we think of tens of thousands of organizations of a certain size.
These are regulated or they have assets worth protecting and a level of complexity that makes it difficult to solve the problem themselves. And our Advisory Board and the customers I’ve spoken with think maybe there are barely 20 companies in the world who can solve this problem. And everybody else gets stuck on the fact that it’s a really difficult data science problem to solve. So we want to scale that and take that to more organizations.”
The reasons behind the selection of the investors:
The reason behind why they picked these investors is: “I think we picked them and they picked us, we’ve been on that journey together. It takes months to find the best combination. The dollars are all the same when it comes to investors, but I think they can help improve as an organization and grow just like the existing investors do. They give us access and reach into parts of the market and help make us better as organizations as well.”
Bob Ackerman, The founder and managing director of AllegisCyber Capital and co-founder of DataTribes said: “The emergence of Continuous Controls Monitoring as a new cybersecurity category demonstrates a ‘coming of age’ for cybersecurity. Cyber is an existential threat to the global digital economy. All levels of the enterprise, from the CISO to Chief Risk Officer, to the Board of Directors are demanding comprehensive visibility, transparency, and hard metrics to assess cyber situational awareness.”