PlexTrac Secures $10M Series A Funding - Collaboration-Centric Security

PlexTrac Secures $10 Million in Series A Funding

PlexTrac, a security solutions provider headquartered in Boise, Idaho, has announced the successful completion of a $10 million Series A funding round. This investment was spearheaded by Noro-Moseley Partners and Madrona Venture Group.

StageDot0 ventures also contributed to this funding round, which will be strategically allocated towards expanding the company’s team and enhancing its platform capabilities.

Company History and Funding

Founded in 2018, PlexTrac has now accumulated a total of $11 million in funding. Its initial seed round in 2019 was led by StageDot0 ventures.

Addressing a Critical Industry Challenge

“My experience includes working as a security specialist delivering assessments, resulting in extensive reports. Often, revisiting a year later revealed critical issues remained unresolved,” explains Dan DeCloss, CEO and President of PlexTrac. “This wasn’t due to a lack of intent, but rather information becoming lost within those reports.”

Critical findings represent significant risk for organizations. PlexTrac aims to foster collaboration between red and blue teams, uniting them under a common objective: safeguarding the network and its assets.

PlexTrac CEO and President Dan DeCloss. Image Credits: PlexTrac

DeCloss’s Background and Vision

Dan DeCloss brings a wealth of security expertise to PlexTrac, gained through roles as a penetration tester at Veracode and the Mayo Clinic, and as a senior information security advisor for Anthem. This experience highlighted the need to bridge the gap between offensive (red teams) and defensive (blue teams) security approaches.

He notes a shift away from the traditionally secretive relationship between these teams. “The perception of opposing forces is diminishing, as teams recognize their shared mission – whether internal or external – to enhance security.”

The PlexTrac platform provides enhanced visibility into each team’s strategies and techniques, transforming the security process into a valuable learning experience.

Image Credits: PlexTrac

Platform Functionality and Integration

PlexTrac’s core function is to simplify the creation of security reports, allowing teams to concentrate on proactive security measures. The platform integrates with widely used scanners such as Qualys and Veracode.

Furthermore, it connects with workflow management tools like ServiceNow and Jira, facilitating coordinated team efforts. All data converges into real-time reports, enabling continuous monitoring of security posture.

A dedicated feature, WriteupsDB, streamlines the management of reusable report templates, ensuring consistent reporting across diverse audiences.

Industry Validation

According to S. Somasegar and Chris Picardo of Madrona, “Existing tools for security testing workflows are either absent or incomplete within legacy platforms.”

They emphasize the genuine pain point experienced by security teams and highlight PlexTrac’s ability to streamline workflows, conserve time, and significantly improve the quality of security outputs.

“These teams are at the forefront of vulnerability identification and exploitation (red teams) and threat defense (blue teams).”