Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

SOC-as-a-Service Specialist Arctic Wolf Raises $60 Million

Sunnyvale, Calif-based Arctic Wolf Networks has raised $60 million in a Series D funding round led by Blue Cloud Ventures and Stereo Capital. This brings the total raised to date to $148.2 million.

Sunnyvale, Calif-based Arctic Wolf Networks has raised $60 million in a Series D funding round led by Blue Cloud Ventures and Stereo Capital. This brings the total raised to date to $148.2 million.

Arctic Wolf was founded in 2012 by Brian NeSmith (CEO) and Kim Tremblay (SVP, Strategy). The firm offers SOC-as-a-service for companies that don’t have an in-house security operations center, or have difficulty staffing one. Each customer gets its own concierge security team that operates as an extension of the customer’s own security team, delivering constant cloud-based monitoring, risk management, threat detection and response services.

Artic Wolf Logo“Arctic Wolf’s approach of providing businesses with dedicated experts who know their security landscape, and a predictable pricing structure they can understand, has resonated with organizations of all sizes who are looking to better secure their data,” said Brian NeSmith, CEO and co-founder of Arctic Wolf.

This resonance demonstrates itself in the company’s recent growth: customer growth of 130% in 2019; revenue growth of 4300% over the last four years (with the expectation of doubling revenue in 2020); and staff increase of 100% during 2019. The firm was ranked #25 in Deloitte’s 2019 Technology Fast 500, and NeSmith expects to use the funding to accelerate growth even faster and further. The company plans to increase staffing by a further 55% towards the end of the year, and will begin international expansion (it currently primarily operates out of offices in Eden Prairie, Minnesota and Waterloo, Ontario).

There is some indication that Arctic Wolf may seek to make small acquisitions following the funding (which was arranged back in December 2019, but only now announced) to add to the 2018 acquisition of continuous vulnerability assessment firm RootSecure — but nothing has yet been announced.

Investor Stereo Capital believes it is the combination of SOC technology with dedicated concierge security teams that makes Arctic Wolf stand out. Dmitry Dakhnovsky, managing partner, described Arctic Wolf as “the only scale platform that combines a state-of-the-art technology stack with top class security analysts in a single offering,” bringing “true enterprise grade security to businesses who would not be able to achieve it on their own.”

Arctic Wolf raised $16 million in a Series B funding round in January 2018, and a further a further $45 million in a Series C round in October 2018.

Related: SOC-as-a-Service Company Cysiv Raises $26 Million 

Related: SOC Performance Improves, But Remains Short of Optimum: Report 

Related: In the Detection and Response Era, a Unified SOC is the Path to Success 

Related: Building a Successful OT SOC

Written By

Kevin Townsend is a Senior Contributor at SecurityWeek. He has been writing about high tech issues since before the birth of Microsoft. For the last 15 years he has specialized in information security; and has had many thousands of articles published in dozens of different magazines – from The Times and the Financial Times to current and long-gone computer magazines.

Click to comment

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 this webinar to learn best practices that organizations can use to improve both their resilience to new threats and their response times to incidents.

Register

Join this live webinar as we explore the potential security threats that can arise when third parties are granted access to a sensitive data or systems.

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.

Cybersecurity Funding

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

Identity & Access

Zero trust is not a replacement for identity and access management (IAM), but is the extension of IAM principles from people to everyone and...

Funding/M&A

More than 450 cybersecurity-related mergers and acquisitions were announced in 2022, according to an analysis conducted by SecurityWeek

Funding/M&A

Forty cybersecurity-related M&A deals were announced in January 2023.

Network Security

NSA publishes guidance to help system administrators identify and mitigate cyber risks associated with transitioning to IPv6.

Funding/M&A

Twenty-one cybersecurity-related M&A deals were announced in December 2022.

Cyberwarfare

Websites of German airports, administration bodies and banks were hit by DDoS attacks attributed to Russian hacker group Killnet