Panaseer Raises $26.5M Series B Funding - Cybersecurity News

Panaseer Secures $26.5 Million in Series B Funding

Panaseer, a cybersecurity firm leveraging data science, has successfully completed a Series B funding round, raising $26.5 million. The investment was spearheaded by AllegisCyber Capital, with participation from current investors like Evolution Equity Partners, Notion Capital, AlbionVC, Cisco Investments, and Paladin Capital Group. National Grid Partners joined as a new investor in this round.

To date, Panaseer has accumulated a total of $43 million in funding, demonstrating strong investor confidence in its approach to cybersecurity.

Continuous Controls Monitoring: The Core of Panaseer’s Offering

Panaseer’s primary offering centers around what they term “Continuous Controls Monitoring” (CCM). Essentially, this involves the correlation of extensive data gathered from a wide array of security tools.

This data correlation allows for the assessment of assets and the identification of control deficiencies across the entire security landscape.

Enhanced Threat Detection and Vulnerability Management

The company asserts that its CCM capabilities facilitate the quicker identification of both zero-day exploits and exposure to known vulnerabilities, such as those previously affecting FireEye or SolarWinds.

By proactively monitoring control effectiveness, Panaseer aims to reduce the window of opportunity for attackers.

CEO Jonathan Gill on the Investment and Future Plans

Jonathan Gill, CEO of Panaseer, stated: “Many organizations possess the tools necessary to theoretically prevent security breaches. However, a significant reason breaches still occur is the lack of technology to monitor and respond to control failures.”

He further explained that CCM continuously validates and measures protection levels, providing alerts when failures are detected, ultimately enabling remediation before incidents escalate.

During a conversation, Gill elaborated: “This investment will enable us to expand our team to support customer implementation and maximize platform value.

We also intend to enhance the product’s capabilities and broaden its applicability to a wider range of use cases.”

Gill estimates a potential market encompassing tens of thousands of organizations that are either subject to regulatory requirements or possess valuable assets requiring protection, and have a level of complexity that makes self-solution difficult.

He believes that fewer than 20 companies globally can effectively address this complex data science challenge.

Investor Perspective and Market Opportunity

Bob Ackerman, founder and managing director of AllegisCyber Capital, and co-founder of DataTribe, commented: “The rise of Continuous Controls Monitoring as a distinct cybersecurity category signifies a maturation within the field.”

Ackerman emphasized that cybersecurity represents an existential threat to the global digital economy, driving demand for comprehensive visibility, transparency, and quantifiable metrics to assess cyber situational awareness at all organizational levels.

Panaseer selected investors who share their vision and can contribute to organizational growth, providing access to new markets and fostering continuous improvement.

The company believes the investment will not only provide capital but also strategic guidance and market reach.