Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Compliance

Data Protection Firm Egress Raises $40 Million

Data security solutions provider Egress on Tuesday announced that it has raised $40 million in a Series C funding round led by FTV Capital, with participation from existing investor AlbionVC.

Data security solutions provider Egress on Tuesday announced that it has raised $40 million in a Series C funding round led by FTV Capital, with participation from existing investor AlbionVC.

Egress says it will use the newly acquired funds to continue its growth in North America and Europe, and accelerate the development of new technologies for its data security platform.

EgressKyle Griswold, partner at FTV, will join the Egress board of directors as part of the transaction.

The latest funding round brings the total raised by the company to date to just over $47 million – the Series A and Series B funding rounds raised far smaller amounts.

However, new regulations, such as the EU’s General Data Protection Regulation (GDPR), the New York Department of Financial Services (NYDFS) Cybersecurity Regulation, and California’s Consumer Privacy Act, have led to an increased demand for data protection solutions and Egress says its annual recurring revenue (ARR) increased nine times since its Series A round in 2014. The company says it now has more than 2,000 customers and its products support over 5 million users around the world.

Egress provides an AI-powered platform designed to help organizations control and secure unstructured data, as well as meeting compliance requirements. Its solutions can be used for email and document classification, accidental sending prevention, securing online collaboration, file and email protection, and auditing and compliance reporting.

Egress is operated through separate companies in the UK, the US and Canada.

“We look forward to supporting Egress as it enters the next stage of expansion,” said Ed Lascelles, partner at AlbionVC. “We have witnessed first-hand how the business has built out an enterprise-grade data security platform from a niche point solution, while growing into new verticals and geographies during the period. The demand for enhanced data security is only going to increase and so we remain excited about the team’s ability to continue delivering rapid growth.”

Related: ALTR Emerges From Stealth With Blockchain-Based Data Security Solution

Advertisement. Scroll to continue reading.

Related: Data Protection Firm BigID Raises $30 Million

Written By

Eduard Kovacs (@EduardKovacs) is a managing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join the session as we discuss the challenges and best practices for cybersecurity leaders managing cloud identities.

Register

SecurityWeek’s Ransomware Resilience and Recovery Summit helps businesses to plan, prepare, and recover from a ransomware incident.

Register

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Data Protection

The cryptopocalypse is the point at which quantum computing becomes powerful enough to use Shor’s algorithm to crack PKI encryption.

Cybersecurity Funding

SecurityWeek investigates how political/economic conditions will affect venture capital funding for cybersecurity firms during 2023.

Artificial Intelligence

The CRYSTALS-Kyber public-key encryption and key encapsulation mechanism recommended by NIST for post-quantum cryptography has been broken using AI combined with side channel attacks.

Cyber Insurance

Cyberinsurance and protection firm Boxx Insurance raises $14.4 million in a Series B funding round led by Zurich Insurance.

Cybersecurity Funding

2022 Cybersecurity Year in Review: Top news headlines and trends that impacted the security ecosystem

Cybersecurity Funding

Network security provider Corsa Security last week announced that it has raised $10 million from Roadmap Capital. To date, the company has raised $50...

Compliance

The three primary drivers for cyber regulations are voter privacy, the economy, and national security – with the complication that the first is often...