Panaseer Raises $3.25 Million in Further Seed Funding Round
Investment to fuel international expansion and product development
Panaseer, a cyber security data analytics company, today announces that it has raised $3.25 million in further funding from existing investors Albion Ventures, Notion Capital, and Winton Ventures and new investors Paladin Capital Group and Evolution Equity Partners. The new raise brings total investment into Panaseer to $5.6 million.
Panaseer offers a big data analytics software platform designed to automate identification, measurement, communication, and mitigation of cyber risk. The Panaseer® Security Data Lake gives data-driven CISOs the continuous visibility and automated reporting capability they need to seamlessly optimise cyber hygiene across their environments and rapidly answer cyber risk questions from executives and regulators. Earlier this year, Panaseer opened its first international office in New York, in response to strong client demand from its growing portfolio of global financial services customers.
Panaseer raised $2.25 million in 2015 through a syndicated seed investment round. This new investment from Paladin Capital Group and Evolution Equity Partners – two established and globally focused private equity firms with deep expertise in cyber security – along with the continued support from Panaseer’s existing investors, further validates Panaseer’s product proposition, business model, and execution ability.
Nik Whitfield, CEO, Panaseer: “We are delighted to welcome Paladin Capital Group and Evolution Equity Partners to our shareholder team and by the continued strong support we have received from our existing shareholders.
“This investment is also further validation of a major, unaddressed market problem that enterprises have too much data and too little insight into their cyber security hygiene. Longer term, it also supports our belief that organisations will turn to a single, consolidated knowledge platform for all their cyber security insight needs. By closing this funding with our new and existing shareholder partners, we can drive our strategic aims by enhancing Panaseer’s access to the US and European markets and complete our mission to solve business problems through deep cyber security domain and technology expertise.”
Richard Seewald, Founder and Managing Partner, Evolution Equity Partners: “We are excited about the opportunity that Panaseer has ahead of it and its mission to become the leading platform providing insight into the effectiveness and value of security products for enterprise customers. Panaseer has already made significant achievements to help resolve this pain-point and we look forward to working with the company to enter new geographic markets and business segments. We welcome Panaseer to our portfolio of leading cyber security companies.”
Christopher Steed, Managing Director, Paladin Capital Group: “We are extremely impressed by Panaseer’s remarkable growth, the rapid adoption of its analytics platform by enterprises, and its strong management team. This investment will help Panaseer capitalise on the widespread demand for a solution that unifies security data silos and enables boards, CISOs, and security teams to gain the continuous, joined-up visibility of business risk from cyber that is so necessary for enterprises to operate resiliently and achieve success in a hyper-connected world.”
Stephen Chandler, Managing Partner, Notion Capital: “We are delighted with the progress at Panaseer since we first invested 18 months ago. The company is addressing a massive market opportunity with a much needed and truly differentiated product offering. The positive reaction from the cyber security ecosytem and ‘big brand’ clients speaks for itself.”
Ed Lascelles, Partner, Albion Ventures: “We are thrilled to be supporting Panaseer as it continues to establish itself as a leader in its field and a champion for the UK’s expertise in cyber security.”
Nick Saunders, COO, Winton: “We are very pleased to continue our partnership with Panaseer as it leads the way in providing clear data analytics to cyber security decision makers.”
Panaseer was advised by Osborne Clarke LLP on the closing of this new financing round. You can read more about the raise in this Telegraph article.
Panaseer Limited is a London headquartered cyber-security company providing enterprise security leaders with a software platform to gain maximum visibility and insight into the enterprise’s security situation, answering the question “How Secure Are We?” and enabling them to make better informed security decisions. The Panaseer® Security Data Lake brings the application of data science, advanced security intelligence and data engineering to enable enterprises to adapt to the cyber security challenges they face.
Established in 2014 by Nik Whitfield – a cyber-security thought leader with extensive cyber-security and FinTech experience – Panaseer is primarily focused on the UK and US markets. Panaseer’s clients include the world’s largest financial institutions and critical infrastructure enterprises.