SOCRadar, a leading provider of enterprise-grade, end-to-end threat intelligence and brand protection, announced the successful completion of its Series B funding round, raising $25.2 million. The round was led by PeakSpan Capital, with participation from Oxx, reflecting investor confidence in SOCRadar’s innovative approach to cybersecurity.
External cybersecurity has rapidly escalated in criticality since the onset of the pandemic, fueled by unparalleled levels of digital transformation, cloud migrations, and increased levels of remote work. According to Verizon’s DBIR 2023 Report, 83% of respondents cited external threats as the number one cause of cyber threats, with ransomware, Business Email Compromise (BEC), and phishing leading the way. As supporting evidence, the FBI’s Internet Crime Report 2023 shows that phishing is the number one cause of complaint count, and BEC is the second highest in complaint loss. What is more concerning is that at the current growth rate, financial damage from cyberattacks will amount to about $10.5T annually by 2025 – a 300% increase from 2015.
SOCRadar is dedicated to delivering pre-emptive defense against cyber threats, such as ransomware, phishing, and BEC, as well as all externally sourced attacks, and, most importantly, to detect and prevent attacks before they happen.
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“Our main mission is to provide proactive protection against external cyber threats for companies of all sizes,” said Huzeyfe Onal, CEO of SOCRadar. This investment will help us continue to expand in key geographies and further bolster our AI capabilities across our platform.
SOCRadar’s innovative go-to-market strategy focuses on product-led growth and sales, successfully reaching and engaging customers globally. The company has reached over 25,000 freemium customers from 150+ countries worldwide and boasts 600+ active paid customers alongside 350+ channel partners. This global adoption is a testament to the shared problem faced by all companies worldwide and the effectiveness of SOCRadar’s solution in addressing external cybersecurity needs.
SOCRadar’s flagship product, the Extended Threat Intelligence (XTI) cloud-based SaaS platform, offers an end-to-end suite of external cybersecurity solutions, including Cyber Threat Intelligence, External Attack Surface Management, Brand Protection, Dark Web Monitoring, and Supply Chain Threat Intelligence. Cost-effective, natively unified, and easy to use, SOCRadar’s platform empowers organizations to proactively defend against all primary external breach vectors.
The funds raised in the Series B round will primarily be used to drive the company’s expansion in the US market, invest in the EU market to strengthen the company’s strong presence in the region, continue to penetrate the Managed Service Provider (MSP) and Managed Security Services Provider (MSSP) markets and invest in research and development. Specifically, SOCRadar will continue to utilize artificial intelligence (AI) across all aspects of its platform to enhance threat detection, response, and automated remediation capabilities.
“We are excited to partner with Huzeyfe, Ahmet, and the entire SOCRadar team in their pursuit of democratizing external threat intelligence for enterprises and mid-market organizations globally,” said Sanket Merchant, Partner at PeakSpan Capital. “The team is attacking arguably one of the most strategic challenges in cybersecurity today, which is only growing in criticality, with exceptional product innovation/leadership and a compelling, high-velocity value proposition that is truly differentiated. We see an incredible opportunity for SOCRadar to emerge as the leading global provider of external cybersecurity for a strategic (and underserved) market segment and couldn’t be more privileged to be their partner navigating this next stage of their scale-up journey.”
Richard Anton, Co-Founder and General Partner at Oxx, continues, “We’re delighted to join forces with US-based investor PeakSpan and early investor 212 as we partner with SOCRadar. As an international European investor, we look forward to providing SOCRadar with the best support possible as they accelerate their global go-to-market strategy. We are committed to supporting SOCRadar’s expansion in Europe.”
With this latest round of funding, SOCRadar is poised to further strengthen its position as a trusted partner for organizations seeking to defend against external cyber threats and safeguard their digital assets.
SOURCE: PRNewswire