Security Instrumentation Firm Verodin Raises $21 Million
19.7.18 securityweek IT
Verodin, a Virginia-based company that helps organizations assess the effectiveness of their cybersecurity controls, on Tuesday announced that it has raised $21 million in a Series B funding round.
The round was led by TenEleven Ventures and Bessemer Venture Partners (BVP), with participation from Capital One Growth Ventures, Citi Ventures and all existing investors. As part of the deal, TenEleven Ventures founder Mark Hatfield will join the company’s board of directors.
The company says it will use the funds to continue the development of its Security Instrumentation Platform (SIP), increase hiring in all functional areas, and expand global sales.
“Boards and C-level executives increasingly want evidence that the dollars and effort they spend on cyber defenses are actually working,” said TenEleven Ventures’ Hatfield. “Verodin is leading a revolutionary shift in cybersecurity, delivering organizations the evidence they need to measure, manage and improve their cybersecurity effectiveness.”
The latest funding round brings the total raised by Verodin to $34 million. The company secured $10 million in a Series A funding round in June 2016.
While the Series B round was officially announced only on Tuesday, the funding was actually revealed in late June when a SEC filing showed that the company had raised roughly $20.7 million from 14 investors. The company refused to make any comments at the time.
Verodin SIP is deployed in an organization’s IT environment and it continuously tests the effectiveness of endpoint, cloud, email and network controls. The solution helps enterprises ensure that the products they have purchased and deployed are actually protecting business-critical assets.