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.

Discover strategies for vendor selection, integration to minimize redundancies, and maximizing ROI from your cybersecurity investments. Gain actionable insights to ensure your stack is ready for tomorrow’s challenges.

Register

Dive into critical topics such as incident response, threat intelligence, and attack surface management. Learn how to align cyber resilience plans with business objectives to reduce potential impacts and secure your organization in an ever-evolving threat landscape.

Register

People on the Move

The US arm of networking giant TP-Link has appointed Adam Robertson as Director of Information and Security.

Raj Dodhiawala has been named Chief Product Officer at Eclypsium.

Cyber exposure management firm Armis has promoted Alex Mosher to President.

More People On The Move

Expert Insights

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest cybersecurity news, threats, and expert insights. Unsubscribe at any time.