Funding validates recent technology advancements and underscores rapid market adoption for one-of-a-kind solution
Query.AI, the provider of the market’s only security investigations control plane for modern enterprises, today announced the successful close of an oversubscribed $15 million Series A financing round. The round, which was led by new investor SYN Ventures with participation from existing investors ClearSky Security and South Dakota Equity Partners, follows a recent seed round of $4.6 million, bringing the total funding this year to nearly $20 million. Patrick Heim, managing partner of SYN Ventures, is joining the Query.AI board of directors as part of the transaction. Query.AI will use the new funding to scale up its product development to meet rapidly increasing market demand and support its exponential customer growth.
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“Cybersecurity data no longer lives in just one place,” said Heim. “It lives in the cloud, with third-party providers, and on-prem. Companies everywhere are struggling to figure out how they can bring security operations capabilities to these disparate environments, and they’re seeing that it’s extremely difficult, costly, inefficient and ineffective to send information in and out of these silos. Query.AI offers the only solution on the market that solves this pervasive problem by leaving the data where it lives, connecting to disparate data sources with APIs, and serving up the ability to access, investigate and respond to the threats in real-time, from one, unified browser interface. The Query.AI offering is truly unique and delivers critical value for security operations teams in every industry.”
The market need for a technology that can bridge disparate security systems is very real. The universal data centralization approach doesn’t work, and companies are urgently seeking out other alternatives. According to the Ponemon Institute, the average organization spends $2.7 million per year on engineering work used to integrate disparate security data, build out rules and content and automate processes. Further, only 23 percent of organizations rate their security engineering efforts as very effective.
“Enterprises have found that SOAR tools require time-consuming software engineering efforts to build playbooks and manage API integrations, and they are still unable to provide analysts with the ability to investigate interactively. And, XDR still relies on a single technology provider to do all the collecting, aggregating, correlating, and analyzing,” said Dhiraj Sharan, Query.AI founder and chief executive officer. “Our platform is a lightweight solution that doesn’t require organizations to centralize data, assign a dedicated engineer for management, or rip and replace any existing, best-of-breed technologies. It is an XDR-enabling connective layer that serves as a data hub to provide direct access to data, where it lives, and helps SOC teams understand data relationships and initiate response actions.”
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Sharan continued, “Having cybersecurity luminaries including Jay Leek, Patrick Heim and Dan Burns on our board demonstrates the industry’s recognition of the value of our platform. We will continue to benefit from their advice and experience as we help more companies and industries accelerate cybersecurity investigations and efficiently respond to threats.”
Earlier this year, Query.AI was named a 2021 Gartner Cool Vendor in Security Operations and was included in the Forrester Research, Inc. “New Tech: Extended Detection and Response (XDR) Providers, Q3 2021” report. The company was also recognized by CRN magazine as one of the “10 Hottest Cloud Security Startups of 2021.”
