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Cybersecurity startup Panaseer lands $3.25m, brings total to $5.6m

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Cybersecurity firm Panaseer has raised $3.25m in funding from existing investors including Albion Ventures.

Notion Capital, Winton Ventures also participated in the round alongside new backers Paladin Capital Group and Evolution Equity Partners.

The London-based business, which closed a Seed round in November 2015, has now raised $5.6m since it was founded in 2014.

Nik Whitfield, the CEO, said he was delighted to welcome the new investors on board and spoke about the continuous support afforded by the company’s existing shareholders.

He added: “This investment is also further validation of a major, unaddressed market problem that enterprises have too much data and too little insight into their cyber security hygiene.

“Longer term, it also supports our belief that organisations will turn to a single, consolidated knowledge platform for all their cyber security insight needs.

“By closing this funding with our new and existing shareholder partners, we can drive our strategic aims by enhancing Panaseer’s access to the US and European markets and complete our mission to solve business problems through deep cyber security domain and technology expertise.”

The news comes after the firm opened its first international office in New York earlier this year.

New investor Richard Seewald, founder and managing partner at Evolution Equity Partners, commented: “We are excited about the opportunity that Panaseer has ahead of it and its mission to become the leading platform providing insight into the effectiveness and value of security products for enterprise customers.

“Panaseer has already made significant achievements to help resolve this pain-point and we look forward to working with the company to enter new geographic markets and business segments. We welcome Panaseer to our portfolio of leading cyber security companies.”

Christopher Steed, managing director at Paladin Capital Group, said his firm had been impressed by Panaseer’s “remarkable growth, the rapid adoption of its analytics platform by enterprises, and its strong management team”.

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