Uptycs Secures $50M Series C Funding - Expanding Security Platform

Uptycs Secures $50 Million in Series C Funding

Uptycs, a security-focused startup located in the Boston area, has announced the completion of a $50 million Series C funding round. This comes just eleven months following their previously announced $30 million Series B raise.

Norwest Venture Partners spearheaded the investment, with additional participation from Sapphire Ventures and ServiceNow Ventures.

Strategic Funding and Accelerated Growth

According to Ganesh Pai, co-founder and CEO of Uptycs, the company was financially stable after the last funding round and wasn’t actively seeking new capital.

However, investor interest prompted a reevaluation, and the opportunity to accelerate key areas of the company’s development was deemed too valuable to pass up.

“This funding round materialized due to our performance and achievements to date,” Pai stated. “We chose to leverage this momentum to bolster sales and marketing efforts.”

Pandemic-Driven Demand and Cloud Adoption

The past year saw a significant surge in customer interest, largely attributed to the shift towards remote work spurred by the pandemic.

Furthermore, events like the SolarWinds hack accelerated companies’ migration to cloud-based solutions.

“Our telemetry-powered solution provided crucial insights for addressing evolving security challenges, resulting in substantial, triple-digit growth,” Pai explained.

Expanding Security Capabilities

While initially focused on forensic security data – analyzing incidents after they occur – Uptycs is broadening its platform to encompass a more comprehensive security approach.

The company is now actively developing capabilities across all four core areas of security: proactive, reactive, predictive, and protective measures.

“We began by excelling in reactive security, identifying past incidents,” Pai noted. “Our current strategy involves expanding into these additional security domains.”

Addressing Supply Chain Security

The SolarWinds incident highlighted the importance of early detection within the supply chain.

Uptycs’ ability to ingest telemetry from diverse sources, natively integrated into its platform, proved particularly valuable in identifying potential compromises.

“Our architecture, built from the ground up, allows us to detect anomalous behavior and indicators of compromise effectively,” Pai clarified.

Team Expansion and Diversity Initiatives

When last reported during the Series B round, Uptycs employed 65 individuals.

Currently, the company is nearing 140 employees and continues to add personnel weekly, aiming for a total of approximately 200 by year-end.

Pai emphasized the importance of diversity within the growing team.

“Diversity is a top priority as we scale and secure funding,” he said. “Over 50% of our workforce represents under-represented groups, including Latinx, Black, and Asian heritage.”

Remote Work and Talent Acquisition

Uptycs’ commitment to a remote-first workplace has been instrumental in attracting a diverse talent pool.

This approach allows the company to recruit from a wider geographic area, a strategy Pai intends to maintain even after the pandemic subsides.

This flexibility is key to building a strong and inclusive team.