Panaseer, a continuous controls monitoring platform for enterprise security, has secured £19 million Series B funding.
The London company says its 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.
Its CCM platform correlates 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.
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 says its CCM technology solves these issues.
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, while its 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.
“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,” said CEO Jonathan Gill.
“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.”