Prevalent, a specialist in vendor risk management and cyber threat intelligence analytics, has raised USD8 million in Series B financing from Fulcrum Equity Partners and Spring Mountain Capital.
The round augments a 2014 Series A round by Fulcrum Equity Partners. The funds will be primarily invested in growing Prevalent's sales and marketing organisation, which is focused on selling its proprietary software products and related services, along with continued software development.
"We're excited and honured to partner with Fulcrum Equity Partners and Spring Mountain Capital to continue our growth strategy," says Jonathan Dambrot, CEO and co-founder of Prevalent. "We're also excited to welcome Jamie Weston, partner at Spring Mountain Capital, to our board of directors."
"Last year was a record year for us and with this new funding, we're well positioned to rapidly expand our global reach and accelerate the development of our leading software and threat intelligence platform," adds Norman Menz, CTO and co-founder of Prevalent.
Founded in 2004, Prevalent is a leader in third-party risk management and continuous threat intelligence monitoring, providing solutions that companies use to monitor and assess the IT risks posed by their vendors and third parties. Prevalent's software allows companies to more efficiently manage the vendor assessment process and gain more objective, contextualiaed and real-time information on their vendors. Gartner recently named Prevalent a Visionary for IT Vendor Risk Management.
"We're very pleased to back the world-class team at Prevalent as they continue on their strong growth trajectory," says Jim Douglass, partner at Fulcrum. "We look forward to the company's innovative advancements in 2016 and beyond."
