Asset and security control management provider Panaseer on Wednesday announced a new $26.5 million round of funding, bringing the total investment in the company up to $43 million.
The Series B funding round was led by AllegisCyber Capital, with participation from existing investors AlbionVC, Cisco Investments, Paladin Capital Group, Evolution Equity Partners, and Notion Capital, and new investor National Grid Partners.
The company plans to use the new funds to accelerate product development and further invest in customer success and service delivery.
Founded in 2014 in in the U.K., Panaseer provides a Continuous Controls Monitoring platform that enterprises can leverage to identify assets and control gaps, as well as to discover security controls that might be underperforming.
[SEE: Cyber Asset Management Startup JupiterOne Raises $30 Million ]
According to Panaseer, the platform can help understand exposures such as zero-days and the manner in which these may affect business-critical systems or processes. It can also tracks remediation.
With CCM becoming a required capability for regulated enterprises, Panaseer has experienced three-fold growth in 2020, and claims customer feedback on its platform has been great.
“CCM continuously validates and measures levels of protection and provides notifications of failures. Ultimately, CCM enables these failures to be fixed before they become security incidents, saving time, cost, and allowing businesses to go faster,” Jonathan Gill, CEO of Panaseer, said.
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