Attivo Networks has raised $21 million in Series C venture capital funding, which was led by Trident Capital Cybersecurity with participation from existing investors Bain Capital Ventures and Omidyar Technology Ventures.
The round of funding follows a $15 million Series B financing in May, representing $36 million raised in the last five months and a collective total of $45.7 million overall.
This new funding will be used to support further development of the Attivo ThreatDefend Deception and Response Platform to address the evolving landscape of threats and attack surfaces and to add counterintelligence functionality.
The company will also use the funds to expand global sales initiatives.
Attivo Networks announced that Alberto Yépez, a managing director of Trident Capital Cybersecurity and a pioneer of the cybersecurity industry, will join its board. Yépez has played significant roles as an entrepreneurial and public company CEO, board member, large company senior executive, serial entrepreneur, and an angel and venture capital investor.
“Attivo is the clear leader in the emerging space of deception solutions that improves real-time breach detection,” Yépez said. “Deception puts attackers on the defensive making them work harder and increasing their costs. High accuracy addresses the issue of too many alarms being reported by existing solutions and incident response is improved with the capture of specific techniques and tools being used by the attacker. This is the primary reason why companies are working closely with the Attivo team to help detect and more effectively respond to sophisticated cyber attacks. Customers are pleased with Attivo’s ability to close detection gaps and easily integrate with their existing cybersecurity investment increasing their overall efficacy.”
The Series C funding comes at an opportune time for Attivo Networks to expand amid the escalating demand for deception technology across the financial, healthcare, technology, retail, energy, and government sectors.
Further adoption of the cloud with shared security models and a heightened need for specialised device protection of industrial control, Internet of Things, and point-of-sale systems has also fueled company growth.
The company has seen revenues increase 300 per cent year-on-year, accumulated an impressive list of Fortune 50 customers, and is engaged with over 350 companies in evaluation and trials of its deception and response technology.