U.S. Venture Partners spearheads a new round of funding, joined by Citi Ventures, Bess Ventures, Stanford University, World Trade Ventures and market leaders, including Slavik Markovich and Intercontinental Exchange's CIO Mark Wassersug
ROCKVILLE, Md., Oct. 25, 2022 /PRNewswire/ -- Sepio, the innovator of the physical layer-based asset risk management solution, ensuring customers can see, assess and mitigate the risk of all known and shadow IT assets at any scale, today announced a new series B round of funding. The round, led by U.S. Venture Partners (USVP), will support the growing company's sales organizations needed to address an exceeding demand from tier-1 enterprises for Sepio's solutions. It will also go toward allocating resources for Sepio's future product roadmap.
Sepio's Chairman Lane Bess, a renowned entrepreneur who made headlines for his trip to space aboard Jeff Bezos's Blue Origin's New Shepard, contributed to this round through his foundation Bess Ventures. Other investors included Citi Ventures, Stanford University, World Trade Ventures and market leaders including Slavik Markovich and Intercontinental Exchange's CIO Mark Wassersug.
Supporters of Sepio's past significant investment rounds included Hanaco Ventures, Munich RE Ventures, Merlin Ventures, Pico Partners, additional private investors and Bess. The previous funding round, which occurred in November 2019, yielded $10 million, bringing the current funds raised to $37 million.
Yossi Appleboum, CEO of Sepio, explained, "We are excited to continue our journey building a strong company that provides a robust – while easily deployed and used – solution to tier-1 customers. I'm honored and pleased that USVP is leading this round with the participation of Citi Ventures and the other investors, and I cannot wait to work with them in growing Sepio's market success. This provides a glimpse into more exciting developments we will unveil in 2022, 2023 and beyond."
Appleboum continued, "So many companies are focused on cybersecurity. But we specifically tapped into asset risk management from the beginning when this was an inexplicably overlooked area. It has truly paid off. So many great minds are now recognizing asset risk management as a key cybersecurity challenge. We feel honored and rewarded for our efforts since Sepio's inception to increase the visibility of hardware security vulnerabilities. This funding will allocate resources as we see growing traction for global players. These organizations should be guaranteed fully operationalized cybersecurity – hardware cybersecurity is integral to that process."
Gili Sahar, CFO of Sepio, added: "The new funding will allow us to expand our market presence and enhance our product offering. The continuous support of our existing investors with the addition of USVP and Citi Ventures as leading investors is a power multiplier that allows us to keep our fast growth in the next year."
The industry analyst firm Frost & Sullivan stated, "Sepio stands out from competitors based on its commitment to innovation, creativity and ability to launch new solutions with far-reaching impact and application. Sepio's solutions are vital for government agencies, financial institutions, critical infrastructure, managed security service providers, healthcare, manufacturing and retail. The company pairs its technology focus with customer-centric values, thus earning a solid reputation in the network access control market."
Gartner also shared its praise of the company in its annual Cool Vendor Awards, writing "By providing enterprises with the ultimate visibility of what assets are on their network or are connected to their endpoints, Sepio empowers organizations to effectively secure networks and endpoints, significantly reducing attacks using rogue hardware to launch supply chain attacks or succumb to inside threats."
The representative instrumental in leading USVP's series B funding for Sepio was Dafina Toncheva, a Silicon Valley-based general partner committed to investing in emerging technologies.
"We research many Israeli cybersecurity companies on a day-to-day basis at USVP," explained Toncheva, "but Sepio caught our attention because it narrowed in on a challenge that other companies do not devote significant resources toward fixing. Security teams that need to manage the risks of their continuously expanding, uncontrolled ecosystem of connected assets first need to see them – as you cannot secure what you cannot see. Sepio's unique approach and algorithms cracked this nut and did so at scale. We've witnessed growing traction from tier-1 global enterprises successfully deploying Sepio's solution, and we are happy to support the company as it fortifies its leadership in this domain. I strongly believe that Sepio will continue to gain further recognition as it has a lot to offer in a world where cyber hygiene is in jeopardy. Prioritizing and managing risks is crucial for every cybersecurity plan."
Sepio provides the first hardware asset risk management platform based on device existence. The company's solution offers customers actionable visibility, policy enforcement and mitigation capabilities, allowing them to manage their assets' risk. The solution does not require any traffic or activity monitoring – and as such is use case and device agnostic, whether it is IT/OT/IoT or IoMT. If an asset connects to your infrastructure, Sepio will report it. At any scale, within less than 24 hours, you can see, assess and mitigate your assets' risks and strengthen your cybersecurity posture.
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SOURCE Sepio Systems