Threat Stack, a Boston, Mass.-based intrusion detection startup has raised $45 million in a Series C funding, bringing the total raised by the company to more than $70 million.
The cybersecurity startup offers an integrated suite of detection and assessment tools that help customers with security and compliance by combing continuous security monitoring and risk assessment across wide range of detection points across customers’ infrastructure.
Threat Stack explains that its platform offers a single place to monitor cloud, hybrid cloud, multi-cloud, and containerized environments, and can automatically correlate events together to identify suspicious activity.
The company claims 235% year-over-year revenue growth and an 84% increase in employee headcount as of July, with plans to grow its employee base another 30% by the end of this year, and doubling the size of its downtown Boston headquarters.
“Every company is looking to get their arms around the security of their infrastructure. Most are dealing with a shortage of security talent and increasingly automated development processes – so there is a unique need for deploying security at speed and scale,” Brian M. Ahern, Threat Stack Chairman and CEO, said in a statement. “Threat Stack has built a platform for both security and operations teams to do just that. The market opportunity ahead is enormous.”
The funding round was led by F-Prime Capital Partners, the venture capital group of Fidelity Investments, and Eight Roads Ventures. Existing investors Scale Venture Partners, .406 Ventures, and Accomplice also participated in the round.
As part of the funding, Gaurav Tuli of F-Prime will join Threat Stack’s Board of Directors and Davor Hebel of Eight Roads Ventures will be an observer.
“The migration of computing workloads to public cloud environments represents the most significant shift in enterprise technology of the last 15 years. Cybersecurity continues to be the most acute challenge in the move to cloud, as cloud infrastructure is elastic and complex and attackers are operating at unprecedented speed and sophistication,” said Tuli. “Cloud security requires new approaches and new solutions, and Threat Stack is a rare security company that is purpose-built to address these unique challenges. Our investment will help drive continued innovation to meet the rapidly expanding market demand.”