Hobart-Based Cybersecurity Firm UpGuard Secures US$75 Million in Series C Funding
UpGuard, a prominent player in the cybersecurity and risk management sector, has successfully garnered US$75 million (A$105 million) in its Series C funding round.
This initiative was primarily championed by Springcoast Capital, a growth equity firm from New York, with substantial contributions from existing investors including August Capital, Square Peg, and Pelion Venture Partners.
The financial injection will support enhancements to its AI-driven cyber risk posture management (CRPM) platform, bolster go-to-market strategies, and facilitate strategic acquisitions.
The CRPM platform meticulously assesses risks in often-neglected areas, encompassing vendor risk across the supply chain, breach risk related to external attack surfaces, user risk concerning workforce security, trust exchange for data sharing, and risk automation aimed at governance, risk, and compliance engineering.
Founded in 2012 originally as ScriptRock by entrepreneurs Mike Baukes and Alan Sharp-Paul, UpGuard’s inaugural investment came from Startmate. The company previously raised US$19 million (A$25 million) in a Series “B-1” round in 2021, spearheaded by Firemark Ventures.
According to CEO Baukes, UpGuard now boasts a clientele spanning 90 countries, supported by a workforce across 14 nations.
“UpGuard has a unique opportunity to bridge the chasm between risk and security; this Series C funding will further enhance our ability to deliver top-tier solutions tailored for the mid-market,” remarked Baukes.
“This empowers Chief Information Security Officers (CISOs) and streamlined security teams to maintain resilience through premier tools that address today’s labyrinthine threat landscape.”
Holger Staude, managing partner at Springcoast, commented on UpGuard’s transformational approach: “The company shifts the cybersecurity burden from labor-intensive reviews to a landscape dominated by AI-driven automation.”
“UpGuard has demonstrated its capacity to execute proficiently while achieving significant scalability and capital efficiency in a pivotal market, underscoring its vision and technological prowess,” he added.
“We are eager to collaborate with the UpGuard team as they amplify their AI-driven CRPM platform capabilities and fortify their status as a frontrunner in cyber risk posture management.”
UpGuard’s headquarters are situated in Hobart, Tasmania, with additional operational facilities in Mountain View, California.
Source link: Startupdaily.net.
