Observable Networks, an specialist in threat detection services, has closed USD1.625 million in convertible debt funding from investors arranged by DH Capital and SaaS sectors.
Observable Networks received additional backing from Vectis Healthcare and Life Sciences Fund II, a private investor, of which Stifel, Nicolaus & Company, Inc. is a general partner. The new round of investment follows previously announced USD2.45 million in Series A1 funding from May of 2014.
The capital will be used to fund the growth of Observable Networks' sales and marketing team and increase IT security market awareness of the company's dynamic endpoint modeling technology and cloud-based service platform.
"Participation by current investors is a sign of confidence in our technology and the opportunity we have in the security market," says Bryan Doerr, CEO of Observable Networks. "Our dynamic endpoint modeling technology provides customers using cloud-based or traditional infrastructures with unprecedented awareness regarding their network endpoints in both IT and operational technology (OT) networks. Furthermore, our software-as-a-serivce (SaaS) subscriptions and free trial approach to validating our capabilities allow for great flexibility in managing overall cost."
Since its founding in 2011 in St Louis, Observable Networks has seen rapid growth in the use of its services, based on its patented endpoint modelling. This service allows large and small organisations in any industry to understand normal behaviour for every device in the network and automatically detect potentially dangerous changes in behaviour.
"We continue to be impressed by Observable Networks' service and strong growth within the rapidly evolving IT security industry," says Adam Lewis, partner at DH Capital.
"We believe that Observable Networks has the opportunity to significantly expand access to high quality network security technology and bring its innovative capabilities to broader markets to meet high demand for advanced threat detection services," says Joseph Schlafly III, representing Vectis II.