The Funding Round, led by PeakSpan Capital,
will Accelerate Investments in Key Areas, Including Global Sales
Infrastructure, Product Innovation, and AI-enabled
Workflows.
NEWARK,
Del., May 22, 2024 /PRNewswire/ -- SOCRadar, a
leading provider of enterprise-grade, end-to-end threat
intelligence and brand protection, today announced the successful
completion of its Series B funding round, raising $25.2 million. The round was led by PeakSpan
Capital, with participation from Oxx, reflecting investor
confidence in SOCRadar's innovative approach to cybersecurity.
External cybersecurity has rapidly escalated in criticality
since the onset of the pandemic, fueled by unparalleled levels of
digital transformation, cloud migrations, and increased levels of
remote work. According to Verizon's DBIR 2023 Report, 83% of
respondents cited external threats as the number one cause of cyber
threats, with ransomware, Business Email Compromise (BEC), and
phishing leading the way. As supporting evidence, the FBI's
Internet Crime Report 2023 shows that phishing is the number one
cause of complaint count, and BEC is the second highest in
complaint loss. What is more concerning is that at the current
growth rate, financial damage from cyberattacks will amount to
about $10.5T annually by 2025 – a
300% increase from 2015.
SOCRadar is dedicated to delivering pre-emptive defense
against cyber threats, such as ransomware, phishing, and BEC, as
well as all externally sourced attacks, and, most importantly, to
detect and prevent attacks before they happen.
"Our main mission is to provide proactive protection against
external cyber threats for companies of all sizes," said Huzeyfe
Onal, CEO of SOCRadar. This investment will help us continue to
expand in key geographies and further bolster our AI capabilities
across our platform.
SOCRadar's innovative go-to-market strategy focuses on
product-led growth and sales, successfully reaching and engaging
customers globally. The company has reached over 25,000 freemium
customers from 150+ countries worldwide and boasts 600+ active paid
customers alongside 350+ channel partners. This global adoption is
a testament to the shared problem faced by all companies worldwide
and the effectiveness of SOCRadar's solution in addressing external
cybersecurity needs.
SOCRadar's flagship product, the Extended Threat Intelligence
(XTI) cloud-based SaaS platform, offers an end-to-end suite of
external cybersecurity solutions, including Cyber Threat
Intelligence, External Attack Surface Management, Brand Protection,
Dark Web Monitoring, and Supply Chain Threat Intelligence.
Cost-effective, natively unified, and easy to use, SOCRadar's
platform empowers organizations to proactively defend against all
primary external breach vectors.
The funds raised in the Series B round will primarily be used to
drive the company's expansion in the US market, invest in the EU
market to strengthen the company's strong presence in the region,
continue to penetrate the Managed Service Provider (MSP) and
Managed Security Services Provider (MSSP) markets and invest in
research and development. Specifically, SOCRadar will continue to
utilize artificial intelligence (AI) across all aspects of its
platform to enhance threat detection, response, and automated
remediation capabilities.
"We are excited to partner with Huzeyfe, Ahmet, and the entire
SOCRadar team in their pursuit of democratizing external threat
intelligence for enterprises and mid-market organizations
globally," said Sanket Merchant,
Partner at PeakSpan Capital. "The team is attacking arguably
one of the most strategic challenges in cybersecurity today, which
is only growing in criticality, with exceptional product
innovation/leadership and a compelling, high-velocity value
proposition that is truly differentiated. We see an incredible
opportunity for SOCRadar to emerge as the leading global provider
of external cybersecurity for a strategic (and underserved) market
segment and couldn't be more privileged to be their partner
navigating this next stage of their scale-up journey."
Richard Anton, Co-Founder and
General Partner at Oxx, continues, "We're
delighted to join forces with US-based investor PeakSpan and
early investor 212 as we partner with SOCRadar. As an
international European investor, we look forward to providing
SOCRadar with the best support possible as they accelerate their
global go-to-market strategy. We are committed to supporting
SOCRadar's expansion in Europe."
With this latest round of funding, SOCRadar is poised to further
strengthen its position as a trusted partner for organizations
seeking to defend against external cyber threats and safeguard
their digital assets.
About SOCRadar
SOCRadar is a pioneering cybersecurity company committed to
delivering advanced threat intelligence solutions that enable
organizations to proactively defend against cyber threats.
SOCRadar's flagship Extended Threat Intelligence (XTI) platform
offers a comprehensive suite of tailored products. These are Cyber
Threat Intelligence, External Attack Surface Management, Brand
Protection, Dark Web Monitoring, and Supply Chain Threat
Intelligence. By harnessing the power of artificial intelligence
and machine learning, SOCRadar enhances threat detection
capabilities and promptly provides proactive and actionable
intelligence. ensuring that businesses can always stay ahead of
cyber risks. With a significant global footprint. SOCRadar's
mission is to fortify organizational defenses, mitigate external
risks, and foster a safer digital ecosystem worldwide.
About PeakSpan Capital
PeakSpan Capital is a growth equity firm based in New York City and San Mateo. Having partnered
with over 40 high-growth software businesses and with $1.5B+ in
AUM, PeakSpan's mission is to be the partner of choice for
growth-stage entrepreneurial teams who are building amazing
software targeted at business buyers of all sizes. PeakSpan
combines deep domain expertise within a select number of themes
with a proprietary technology platform providing visibility into
company and market performance to help disruptive entrepreneurs
drive resilient, risk-adjusted value creation.
To learn more about PeakSpan Capital and its portfolio, please
visit www.peakspancapital.com.
About Oxx
Oxx partners with the most promising B2B software companies at
the scale-up stage. As a specialist SaaS investor, Oxx's strategy
is built around the concept of "Go-To-Market Fit," developing a
structure for thinking about how to build a repeatable, sustainable
growth engine that accelerates and propels the growth of SaaS
companies.
Oxx was founded by Richard Anton
and Mikael Johnsson in 2017 and is
headquartered in London and
Stockholm. For more information,
visit oxx.vc
For further information, please contact:
Burak Uyduran
Email: press@socradar.io
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