High demand for cybersecurity software accelerates company’s product development and market expansion
DefenseStorm, the leading cloud-based cybersecurity and cybercompliance management provider to regional and community banks and credit unions, announced that it has raised a $12M Series B round, bringing its total funding to $47M. Georgian, a fintech investing in high growth technology companies, led the round, with participation from TTV Capital.
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“Regional banks and credit unions struggle with the same complex compliance challenges as larger institutions, but without the budget to effectively solve those challenges”
Founded in 2014, DefenseStorm unifies detection, investigation, resolution and reporting into a single system of record to deliver real-time cyberthreat exposure and safety. DefenseStorm’s growth comes at a time in which the financial sector has seen cyberthreats increase rapidly. This round of funding will accelerate DefenseStorm’s capabilities to better help its customers.
DefenseStorm has also secured $7M in growth capital financing from CIBC Innovation Banking.
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“Thanks to the support of Georgian, TTV Capital and CIBC Innovation Banking, DefenseStorm is poised for another incredible growth period,” said Steve Soukup, chief executive officer of DefenseStorm. “Our primary goal is to invest our time and resources into our current and potential customers, our hardworking employees and our own innovative solutions to continue serving the financial industry to the best of our ability.”
This round of funding will accelerate several of DefenseStorm’s strategic growth initiatives including technical and user-facing product changes and establishing greater platform efficiency and scalability. In 2020, the financial sector has been faced with a growing threat landscape and continues to undergo a digital transformation. To combat these challenges, DefenseStorm will be bringing its CyberFraud module to market and is focusing on driving high efficiencies through its TRAC service provider team, which delivers blended expertise across cybersecurity and fraud threats.
“DefenseStorm has taken a leading approach to building out their AI capabilities,” said Alex Manea, head of security and privacy at Georgian. “The market is demanding effective cybersecurity and compliance solutions, and DefenseStorm is answering on all fronts: efficient service, next-generation platform, and an exceptional team to execute.”
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