- The IT security leaders anticipate a major breach involving the infrastructure organization in the coming future.
- New Enterprise Associates, Adams Street Partners, Escalate Capital, Blu Ventures, Cisco Investments, and Gaingels participated in the funding round.
Introduction:
The company announces the fund raised, of $22.5 million, which is a mix of debt and $13 million in equity. The company will use the amount to expand its workforce and availability of its products globally. More than three-quarters of IT security leaders anticipate a major breach that involves the infrastructure organization shortly. This is a conclusion from a Black Hat USA survey. According to an estimate, 31% of organizations have been through cyber attacks on operational technology infrastructure. But unsurprisingly, Gartner found that organizations planned to invest $17.48 billion for infrastructure protection in 2020.
The inception of the company:
Ryan Trost and Wayne Chiang found ThreatQuotient in 2013 as a part of an effort to develop a centrally managed cybersecurity solution. The company’s product called ThreatQ serves as a threat intelligence platform with an integrated self-tuning library. It features a workbench that allows threat detection and response. ThreatQ can score and prioritize cyber threats based on the user’s parameters along with aggregation and operationalization across systems and teams. It offers configuration and integration along with the workload and enrichment while coordinating inefficiencies across the security operations.
Using this product the team leaders can direct actions, allocate tasks and observe the results in the real-time environment. They can also import and aggregate data sources and export intelligence to third-party tools via integrations with feeds and security systems.
Statement from CEO and President John Czupak:
“ThreatQ [uses] analytics and machine learning to determine relevance and priority for specific companies. This is the basis for our dynamic scoring and self-tuning capabilities. As more data and context is captured in the threat library, the platform will reprioritize the data to ensure priority is known and appropriate actions are taken,” CEO and president John Czupak explains. “ThreatQuotient also offers [a] cybersecurity situation room designed for collaborative threat analysis, shared, accelerated understanding, and coordinated response. Built on top of the ThreatQ platform, [it] allows for the capturing, learning, and sharing of knowledge.”
The function of ThreatQ product:
ThreatQ is available for deployment on-premises or in the cloud-based environment along with software-only distribution for virtually located machines. ThreatQuotient offers a group of appliances to address various performance requirements. Threatquotient claims to have secured a record number of new customers in 12 countries which brought its customer base to over 100 companies in 2020. The startup also claims to have achieved a record number of transactions following the launch of a fully managed version of its platform.
“As a result of strong performance in 2020, we welcomed an opportunity to secure additional funding and add new investors to our syndicate. ThreatQuotient is meeting a critical need for security operations solutions. And we have significant expansion plans to continue this momentum,” Czupak continued. “Fortunately, we are in a position where the products and services we provide are critical to our customer’s security operations. In some cases, opportunities accelerated because security became higher on the list of priorities for organizations during the pandemic.”
The participants in the funding round include the investors namely New Enterprise Associates, Adams Street Partners, Escalate Capital, Blu Ventures, Cisco Investments, and Gaingels. The total value raised by the company comes down to $60 million.
