ThreatQuotient, a specialist security operations platform innovator, has closed USD22.5 million in new financing, including a combination of equity and debt financing.
The investment syndicate includes New Enterprise Associates (NEA), Adams Street Partners, Escalate Capital, Blu Ventures, Cisco Investments and Gaingels, who took notice of the company’s significant momentum in 2020, specifically their record bookings and revenue growth. ThreatQuotient plans to leverage this financing to accelerate execution of new innovations currently in development.
“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,” says John Czupak, President and CEO, ThreatQuotient. “I am incredibly proud of our team’s efforts and record setting performance in a challenging 2020. I thank all of our investors for their interest and support, and I look forward to our continued momentum and success.”
In 2020, ThreatQuotient achieved a number of goals, including: signing a record number of new customers, who are leveraging the ThreatQ platform for a variety of use cases as well as the ThreatQ Investigations cybersecurity situation room; closing multiple seven figure deals and achieved a record number of transactions; launching a new Hosted Service of the ThreatQ platform to great reception, comprising over 10 per cent of new bookings; becoming the first threat-centric security operations platform to be approved for a DoD-wide ATO; doubling their global footprint in 2020 with customers in 12 new countries and became the first threat intelligence platform provider offering local support from Spain as a result of the company’s expansion into Iberia; and finally, being awarded US Patent 10,902,114, “Automated Cybersecurity Threat Detection with Aggregation and Analysis” as the company’s first non-provisional patent.
ThreatQuotient has been recognised for product excellence and industry leadership by several award programs in 2021. The company won four 2021 Globee Cybersecurity Excellence Awards, including: Gold for ‘Security Investigation’, Silver for both ‘Threat Intelligence Technology’ and ‘Hot Security Company of the Year’, and Bronze for ‘Threat Hunting, Detection, Intelligence and Response’. Additionally, ThreatQuotient was recognised as McAfee Partner of the Year for the second consecutive year and the company was listed in the 2021 CRN Partner Program Guide.
“ThreatQuotient gives SOC analysts, incident responders and threat analysts unmatched flexibility, visibility and control over their company’s alerts and unique threats that they can’t get from other security operations solutions. NEA is confident that ThreatQuotient’s continued momentum will lead to further market capture,” says Peter Barris, Managing General Partner, NEA.
“Since we first invested in ThreatQuotient in 2017, their team has continued to prove to the market that there is a critical need for cybersecurity solutions aimed at security operations. Their attention to detail for customer needs and innovative approach to solving challenges are just a few reasons we are pleased to expand our investment in ThreatQuotient,” comments Fred Wang, Partner, Adams Street Partners
“Escalate has been impressed with ThreatQuotient’s approach to solving major challenges within the cybersecurity industry, as well as the company’s growth to date. We are pleased to join this investment syndicate as an investor in ThreatQuotient, and look forward to their continued innovation which will support security operations teams in prioritising, improving detection and accelerating response,” adds Chris Julich, Managing Director, Escalate Capital Partners.
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