Hunters Raises $30M Series B to Expand XDR Security

Addressing the Rising Threat of Ransomware: Hunters Secures $30 Million Series B Funding

The increasing frequency and sophistication of ransomware attacks, coupled with growing concerns around supply chain security, are driving demand for faster threat detection capabilities. Startup Hunters is positioned to address this need, having recently announced a $30 million Series B funding round.

Company Background and Funding

Founded in 2018, Hunters maintains offices in Newton, Massachusetts, and Tel Aviv, Israel. To date, the company has secured a total of $50.4 million in funding.

Initial investment came in May 2019 with a $5.4 million seed round, led by YL Ventures and Blumberg Capital.

This was followed by a $15 million Series A round in June 2020, attracting participation from Microsoft’s M12 and U.S. Venture Partners.

Further investment occurred in December 2020 through a growth round, with Snowflake Ventures joining Hunters’ investor base.

Hunters' Extended Detection and Response (XDR) Platform

Hunters specializes in Extended Threat Detection and Response (XDR) technology. This system aggregates data from diverse sources and sensors.

The collected data undergoes correlation and analysis to proactively identify potential indicators of compromise.

According to Uri May, co-founder and CEO of Hunters, their Open XDR platform is designed to pinpoint the tactics, techniques, and procedures (TTPs) employed by attackers to gain unauthorized access and exploit vulnerabilities.

The primary objective is to minimize detection times and expedite response efforts in the event of a security incident.

Strategic Partnerships and Investment Rationale

The investment from Snowflake Ventures, alongside the existing partnership with Snowflake, played a significant role in attracting Bessemer Venture Partners (BVP).

Alex Ferrara, a partner at BVP, highlighted that Hunters distinguishes itself from competitors through its collaboration with a leading cloud data warehouse vendor like Snowflake.

Ferrara emphasized that the current cybersecurity landscape and the prevalence of cyberattacks make Hunters a compelling startup opportunity.

Addressing Market Needs

“We are enthusiastic about Hunters because we’re observing a clear trend towards the increasing prevalence of ransomware,” Ferrara stated to TechCrunch.

“Consequently, there’s a growing need for solutions like Hunters that can proactively address threats, particularly given that many organizations have likely already experienced some form of compromise.”

Bridging the Security Skills Gap

Ferrara also noted Hunters’ potential to address the shortage of skilled security professionals.

The company’s technology leverages automation and machine learning to enhance the efficiency and effectiveness of security analysts.

Future Plans and Innovation

May indicated that the new funding will facilitate Hunters’ progression to the next phase of development.

The company has already achieved its internal goals regarding customer acquisition and revenue generation, demonstrating a strong market fit for its XDR technology.

The focus now shifts to scaling the business, expanding sales and marketing initiatives, and strengthening partner relationships.

May also stressed the importance of continuous innovation to disrupt the security technology market and deliver enhanced capabilities to users.

Ongoing Research and Development

Hunters is actively developing advanced machine learning capabilities to improve data understanding and correlation.

Expanding the range of data sources integrated into the Hunters platform is another key area of focus, with plans to incorporate additional threat intelligence data feeds.

“We have a detailed and unique roadmap centered on innovation stemming from our ongoing cybersecurity research,” May explained.