Senseon Secures $20M Funding for Cybersecurity Innovation

The Expanding Role of SenseOn in Cybersecurity

With the increasing complexity of cybersecurity threats facing organizations, a startup focused on enhancing breach detection accuracy is experiencing significant growth.

SenseOn utilizes cloud-based, AI-driven methodologies for its “triangulation” approach to cybersecurity, encompassing endpoints, networks, and microservices.

Securing $20 Million in Series A Funding

The company has recently secured $20 million in Series A funding, led by Eight Road Ventures.

Existing investors, including MMC Ventures, Crane Venture Partners, and Winton Ventures Limited, also participated in this funding round.

Previously, SenseOn raised $6.4 million in seed funding back in 2019.

Growth Driven by Increasing Threats and Effective Solutions

This investment arrives amidst a period of substantial growth, both in the prevalence of cyberattacks and in SenseOn’s success.

Compromised records surged to over 37 billion in 2020, representing a 141% increase compared to 2019.

Concurrently, SenseOn has experienced over 350% growth in both revenue and customer engagements.

A Team with Deep Cybersecurity Expertise

Founded and led by David Atkinson, formerly the commercial director for Darktrace, SenseOn benefits from extensive experience.

Atkinson previously spent years developing innovative cybersecurity techniques at the U.K.’s Ministry of Defense and other governmental organizations.

The company’s clientele includes numerous financial services firms, consumer businesses, and government entities.

Addressing the Fragmentation of Cybersecurity Solutions

The current cybersecurity landscape is characterized by a multitude of specialized solutions.

While individually effective, these point solutions often address only specific aspects of the overall challenge.

Employing multiple solutions simultaneously can potentially hinder system performance and create integration issues.

SenseOn’s Integrated Approach

SenseOn’s strategy centers on creating a unified system, combining internally developed components with integrations of other products.

Atkinson likens the system’s functionality to the thought process of a human analyst, emphasizing the crucial role of AI in balancing diverse data streams.

He further draws a parallel to the operation of a global positioning system: “the greater the number of satellites a GPS triangulates from, the higher the accuracy.”

Drawing on Atkinson’s military background, SenseOn is developing both the platform and applications for security professionals, alongside the data – the “ammunition” – to enhance their effectiveness.

A Maturing Industry and the Rise of Platform Plays

The integration of disparate information silos to create comprehensive security insights is gaining momentum.

This trend suggests a maturing industry, potentially leading to the emergence of distinct, unified platforms.

Companies like Cybellum, acquired by LG, are adopting a similar approach, focusing specifically on automotive security.

Other Companies Following Suit

ActZero concentrates on the small and medium-sized business (SMB) segment, while others address specific challenges.

Secureframe tackles security compliance, Axonius manages numerous endpoints, and vArmour addresses multi-cloud environments.

A platform strategy is notably ambitious, particularly in a market saturated with robust point solutions, but SenseOn’s existing traction has attracted investor confidence. “SenseOn is poised to become a global cybersecurity leader,” stated Alston Zecha of Eight Roads Ventures. “We have been actively seeking a company that intelligently coordinates detection across different domains and consolidates multiple tools into a single solution. SenseOn achieves this and more. We are honored to collaborate with such a principled and dedicated team led by Dave.”