Panaseer, a cyber security data analytics company, has raised USD3.25 million in further funding from existing investors Albion Ventures, Notion Capital and Winton Ventures and new investors Paladin Capital Group and Evolution Equity Partners.
The new raise brings total investment into Panaseer to USD5.6 million.
Panaseer offers a big data analytics software platform designed to automate identification, measurement, communication, and mitigation of cyber risk. The Panaseer Security Data Lake gives data-driven CISOs the continuous visibility and automated reporting capability they need to seamlessly optimise cyber hygiene across their environments and rapidly answer cyber risk questions from executives and regulators.
Earlier this year, Panaseer opened its first international office in New York, in response to strong client demand from its growing portfolio of global financial services customers.
Panaseer raised USD2.25 million in 2015 through a syndicated seed investment round. This new investment from Paladin Capital Group and Evolution Equity Partners – two private equity firms with expertise in cyber security – along with the continued support from Panaseer’s existing investors, further validates Panaseer’s product proposition, business model and execution ability.
Nik Whitfield, CEO, Panaseer, says: “We are delighted to welcome Paladin Capital Group and Evolution Equity Partners to our shareholder team and by the continued strong support we have received from our existing shareholders.
“This investment is also further validation of a major, unaddressed market problem that enterprises have too much data and too little insight into their cyber security hygiene. Longer term, it also supports our belief that organisations will turn to a single, consolidated knowledge platform for all their cyber security insight needs. By closing this funding with our new and existing shareholder partners, we can drive our strategic aims by enhancing Panaseer’s access to the US and European markets and complete our mission to solve business problems through deep cyber security domain and technology expertise.”
Richard Seewald, founder and managing partner, Evolution Equity Partners, says: “We are excited about the opportunity that Panaseer has ahead of it and its mission to become the leading platform providing insight into the effectiveness and value of security products for enterprise customers. Panaseer has already made significant achievements to help resolve this pain-point and we look forward to working with the company to enter new geographic markets and business segments. We welcome Panaseer to our portfolio of leading cyber security companies.”
Christopher Steed, managing director, Paladin Capital Group, says: “We are extremely impressed by Panaseer’s remarkable growth, the rapid adoption of its analytics platform by enterprises, and its strong management team. This investment will help Panaseer capitalise on the widespread demand for a solution that unifies security data silos and enables boards, CISOs, and security teams to gain the continuous, joined-up visibility of business risk from cyber that is so necessary for enterprises to operate resiliently and achieve success in a hyper-connected world.”
Stephen Chandler, managing partner, Notion Capital, says: “We are delighted with the progress at Panaseer since we first invested 18 months ago. The company is addressing a massive market opportunity with a much needed and truly differentiated product offering. The positive reaction from the cyber security ecosystem and ‘big brand’ clients speaks for itself.”
Ed Lascelles, partner, Albion Ventures, says: “We are thrilled to be supporting Panaseer as it continues to establish itself as a leader in its field and a champion for the UK’s expertise in cybersecurity.”
Nick Saunders, COO, Winton Ventures, says: “We are very pleased to continue our partnership with Panaseer as it leads the way in providing clear data analytics to cyber security decision makers.”
Panaseer was advised by Osborne Clarke on the closing of this new financing round.
