Panaseer raises $26.5m in series B funding to solve cybersecurity's biggest challenge
LONDON and NEW YORK, May 12, 2021 /PRNewswire/ -- Panaseer, the first Continuous Controls Monitoring platform for enterprise security, today announces it has secured $26.5 million in series B funding. The financing round was led by AllegisCyber Capital with participation from existing investors, including Evolution Equity Partners, Notion Capital, AlbionVC, Cisco Investments and Paladin Capital Group, as well as new investor, National Grid Partners. Panaseer's total funding to date is now $43m.
Panaseer has pioneered the category of Continuous Controls Monitoring (CCM). The technology is solving the biggest challenge in cybersecurity today – enterprises do not know if their security controls are providing full protection at any given moment in time. In fact,
Gartner's latest Emerging Risks Report highlights 'cybersecurity control failures' as the top emerging risk in the first quarter of 2021.
Panaseer's CCM platform is unique in correlating data from all security tools to identify missing assets, control gaps, and underperforming controls. The platform enables quick understanding of zero-day and other exposures as they relate to a business. For example, organisations can immediately understand exposure to FireEye or SolarWinds vulnerabilities to see how they impact business-critical systems or processes, and quantitatively validate and track remediation through accountable owners over time.
The number of data breaches in 2020 broke all previous records, with 43% of businesses suffering a security breach. This is despite 12-15% year-on-year growth in enterprise cyber investments and the deployment of more security tools. The average enterprise is running over 50 security tools at any given time. More tools, people, and spending are not strengthening cyber posture, largely as a result of unknown control failures or gaps. Panaseer's CCM technology solves these issues.
CCM is fast becoming a required capability for regulated enterprises. Last year CCM was included as a new category in Gartner's Risk Management Hype Cycle. Customers have given Panaseer an average score of 4.6-stars out of 5 on Gartner Peer Insights.
Panaseer's annually recurring revenue grew by 3.3X during 2020. This funding round will help accelerate product feature development and enhance customer success and service delivery.
Bob Ackerman, Founder and Managing Director of AllegisCyber Capital, and Co-Founder of DataTribe: "The emergence of Continuous Controls Monitoring as a new cybersecurity category demonstrates a 'coming of age' for cybersecurity. Cyber is the 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. Panaseer has demonstrated itself as the leader in this critical new category and we are excited to be working with the team to further advance its leadership role in this essential market."
"Existing cybersecurity tools tend to be proprietary and fragmented, so CCM is emerging as a new category to automatically ensure all those tools are operational and to identify gaps," said Ian Cooper, Head of CVC Europe for National Grid Partners. "Some of the world's biggest financial services firms tell us Panaseer's solution is already a critical part of their cybersecurity stack. And with a seasoned management team, the company is poised to seize a bigger piece of a multi-billion-dollar market opportunity."
Jonathan Gill, CEO, Panaseer: "Most enterprises have the tools and capability to theoretically prevent a breach from occurring. However, one of the key reasons that breaches occur 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, saving time, cost, and allowing businesses to go faster. Our investors are providing further validation of the market so we can enable more enterprises to evolve their cybersecurity at the speed of their business."
Rob Hyde, CISO, Schroders: "Panaseer has allowed us to gain the insight we need into our security controls to always know whether they're adequately deployed and operating effectively."
About Panaseer
Panaseer is the first Continuous Controls Monitoring (CCM) platform for enterprise security. CCM solves the biggest challenge in cybersecurity today. Enterprises do not know if their security controls are providing full protection at any given moment in time. Panaseer's CCM platform uniquely correlates data from all security tools to identify and measure missing assets, control gaps, and advise on underperforming controls.
CCM has become a required capability for regulated enterprises. Last year CCM was included in Gartner's Hype Cycle under its Risk Management category. Recently, Momentum Cyber included CCM in its Cybersecurity Almanac, as a next generation technology that will shape the future of cybersecurity.
Panaseer's CCM platform was named as the 'Best Regulatory Compliance Tool and Solution' at the 2020 SC Awards Europe, and it also received the Editor's Choice award from Cyber
Defense Magazine for its 'Continuous Controls Monitoring platform.'
Panaseer clients include the world's largest institutions and enterprises. Its total funding to date is $43 million and its investors include: AllegisCyber Capital, National Grid Partners, Evolution Equity Partners, Notion, AlbionVC, Cisco Investments and Paladin Capital Group.
For more information: www.panaseer.com
About AllegisCyber Capital
AllegisCyber Capital is passionate about identifying companies and entrepreneurs developing disruptive and innovative approaches to address the crucial issues on the fast-changing cybersecurity landscape. AllegisCyber Capital uses an integrated investment platform and a game-changing strategic partnership with cybersecurity start-up studio DataTribe to give its entrepreneurs an unfair competitive advantage. DataTribe, a cybersecurity start-up foundry located in Maryland, focuses on launching start-ups based on cyber domain expertise out of the intelligence community and national laboratories. Representative portfolio companies of AllegisCyber Capital include: vArmour, Shape, Prevailion, Synack, Enveil and Dragos. www.allegiscyber.com
About National Grid Partners
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc., one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads companywide disruptive innovation efforts. The organisation provides a multi-functional approach to building startups, including innovation (new business creation), incubation, corporate venture capital, business development and culture acceleration. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit ngpartners.com or follow on Twitter (@ngpartners_) and LinkedIn for more information.
About Evolution Equity Partners
Evolution Equity Partners, based in Palo Alto, New York City, London and Zurich invests in fast growing technology companies helping exceptional entrepreneurs develop market leading companies. The firm has a focus on Cybersecurity and technology that safeguards our digital world. Evolution's partners have been involved as founders, investors and as senior operating executives in leading software companies around the world. Learn more at www.evolutionequity.com and follow us at LinkedIn and Twitter.
About Notion Capital
Notion Capital is a venture capital firm with more than $500m assets under management, investing in European SaaS and enterprise technology, with more than 60 investments to date. The Notion team founded, built and exited two highly successful SaaS businesses - Star and MessageLabs - and invests exclusively in enterprise tech and SaaS with the ambition to build global category leaders. The Notion portfolio includes Brightpearl, Currencycloud, GoCardless, Mews, Paddle, Topia, Tradeshift, Unbabel, Tradeshift, Triptease and Workable. For more information visit: www.notion.vc
About AlbionVC
AlbionVC helps build the future of enterprise and healthcare. With 20+ years' experience in technology investments, the team focus on B2B software and healthcare at series A. AlbionVC manages c.£500m of venture funds, currently invested in over 50 companies. AlbionVC is the technology investment arm of Albion Capital Group LLP, which is authorised and regulated by the Financial Conduct Authority. www.albion.vc
About Paladin Capital Group
Paladin Capital Group was founded in 2001 and has offices in Washington DC, New York, Silicon Valley, London, and Luxembourg. As a multi-stage investor, Paladin focuses on best-of-breed companies with technologies, products and services that meet the challenging global cybersecurity and digital infrastructure resilience needs for commercial and government customers. Paladin has over $1 billion in committed capital across multiple funds. For updates, follow us on Twitter and LinkedIn
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