Cybersecurity company Panaseer has raised $10m in Series A funding.
The round was led by Evolution Equity Partners with support from Notion Capital, Albion Capital, Winton Ventures, Paladin Capital Group and Cisco Investments.
Panaseer’s platform uses proprietary algorithms to create an ‘accurate’ view of an organisation’s assets, devices, applications and people. The company was founded in 2014 by a team of computer and data scientists, including Nik Whitfield, who previously led the CyberReveal analytics business.
The company employs 33 people across two offices in London and New York. It’s raised $15.6m to date, including a $5.6m Seed round, announced earlier in the year.
Nik Whitfield, Panaseer’s founder and CEO, commented: “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,” Whitfield added.
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Richard Seewald, founder and managing partner at Evolution Equity Partners, explained why his firm decided to back the business.
“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.”
Margot James, Britain’s Minister for Digital and the Creative Industries, went on to note: “The UK is home to a booming cybersecurity 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,” James concluded.