LONDON and NEW YORK, June 18,
2018 /PRNewswire/ --
Panaseer, a cyber security software
company, today announced it has secured $10
million in Series A funding. The financing round was led by
Evolution Equity Partners with participation from existing
investors including Notion Capital, Albion Capital, Winton Ventures
and Paladin Capital Group, as well as new investor Cisco
Investments.
The Panaseer Platform uses proprietary algorithms to perform
'entity resolution' to create an accurate view of an organisation's
assets, such as devices, applications and people. The Platform
continuously measures the security of these assets by automatically
analysing data from the myriad of security technologies deployed.
This gives key stakeholders a live view of risk to those assets,
described through a common security framework such as the
NIST.
By combining this asset and control information with
vulnerability and threat data, the Panaseer Platform provides full
visibility of an organisation's cyber hygiene. This allows clients
to do the tough fundamentals of security much better: the Platform
delivers out of the box analysis for a range of security use cases,
including:
- Smart device inventory
- Vulnerability management
- Patch management
- End point protection
- Privileged access management
In turn, this empowers CISOs to take the best value actions to
reduce risk, and report this to key stakeholders - such as the
Board - quickly and effectively. This automatic, data driven
approach to cyber risk reduction enables organisations to
fire-proof rather than fire fight.
Panaseer was founded in 2014 by a team of computer and data
scientists, including Nik Whitfield,
who previously led the CyberReveal analytics business. Alongside
them is Panaseer's Commercial Director, Albert Plattner, formerly Managing Director at
Citigroup Corporate & Investment Bank. Panaseer has 33
employees across two offices in London and New
York. Panaseer's total funding to date is $15.6 million, including a $5.6 million seed round in 2017.
Nik Whitfield, Panaseer's Founder
and CEO, says: "Organisations are under immense pressure due to
high-profile data breaches, disruptive ransomware such as WannaCry
and NotPetya, and an evolving regulatory environment, such as the
EU General Data Protection Regulation (GDPR). Organisations can
never be 100% secure, but they can be 100% sure of their position,
and that's where Panaseer's technology comes in. We are solving a
major industry pain point that every company in the world needs to
address."
Richard Seewald, Founder and
Managing Partner at Evolution Equity Partners, adds: "We believe
the attributes of the Panaseer platform are unique and provide the
company with a cutting edge advantage in the global marketplace.
Cyber hygiene needs to be prioritised and drilled down into every
organization, and Panaseer's approach provides inside-out
visibility on an enterprise's cyber security risk posture while
automating data processing, risk analysis and remedial actions. We
welcome Panaseer to our portfolio of leading cyber security
companies."
Rob Salvagno, Vice President of
Corporate Development and Cisco Investments, adds: "Managing an
effective cyber posture is difficult, especially given the security
complexity organizations face with dozens of vendors in
place. Panaseer clearly understands this and confronts it
with innovation that streamlines an organization's view of their
security posture to better automate cyber risk management. Cisco's
investment reflects our mission of delivering effective security
that is simple, open and automated to improve our customers'
security posture."
Margot James, Britain's Minister for Digital and the
Creative Industries, says: "The UK is home to a booming cyber
security sector and it is fantastic to see new investment in
Panaseer which will help it expand internationally. We are
committed to making the UK the best place to start and grow a
business and are establishing two world-first cyber innovation
centres to help the country's innovative firms take the next
step."
Panaseer was advised by PricewaterhouseCoopers on the closing of
this new financing round.
ENDS
About Panaseer
Panaseer's mission is to make enterprises cyber-security-risk
intelligent. To empower enterprises with a scalable view of the
truth to conduct business in the digital world with confidence and
control. Our Panaseer Platform is a powerful technology for
managing and improving your risk posture and cyber hygiene
practices. It takes data from your security, IT and business
solutions to present an accurate and up to date view of Enterprise
Cyber Hygiene. By automating data processing, risk analysis and
remedial action, it helps Security, Risk and IT teams collaborate
more effectively on what matters most.
Established in 2014 by Nik
Whitfield - a cyber-security thought leader with extensive
cyber-security and FinTech experience - Panaseer is primarily
focused on the UK and US markets. Panaseer's clients include the
world's largest financial institutions and critical infrastructure
enterprises. For more information, please
visit http://www.panaseer.com
About Evolution Equity Partners
Evolution Equity Partners, based in New York City and Zurich, Switzerland, invests in fast-growing
technology companies in the United
States, Europe and
Israel helping exceptional
entrepreneurs develop market-leading companies. The firm has a
focus on Cyber-Security and Enterprise Software, and its partners
have been involved as founders, investors and as senior operating
executives in leading software companies around the world. Current
and past cyber-security portfolio companies include: AVG
Technologies (NYSE: AVG), Cognitive Security (now a part of Cisco),
OpenDNS (now a part of Cisco), Carbon Black (NASDAQ: CBLK),
Onapsis, Security Scorecard, DFLabs, Logpoint, Fortscale among
others. For more information, please
visit: evolutionequity.com or connect with us via Twitter
@evolutionequity.
SOURCE Panaseer Ltd