Arctic Wolf Networks, a Sunnyvale, Calif.-based company that offers outsourced security operations center (SOC) services, announced on Wednesday that it has raised $16 million in new funding.
According to the company, the new injection of cash will help support overall business growth, and fuel sales and marketing, product development and strategic alliance initatives.
With security operations teams overwhelmed by the sheer volume of vulnerabilities across the enterprise, they are falling behind in efforts to remediate them. According to a mid 2017 report published by EMA, seventy-four per cent of security teams admit they are overwhelmed by the volume of maintenance work required.
This is a problem that Arctic Wolf aims to help with. The company offers a turnkey “SOC-as-a-Service” that includes what the company calls a “Concierge Security Engineer” (CSE) that is a single point of contact for a customer and an extension of a customer’s internal security team.
“Security operations centers are an essential element of modern cybersecurity, and every company needs one,” said Brian NeSmith, CEO and co-founder of Arctic Wolf. “We are transforming how companies look at cybersecurity from a product-centric view to one focused on proactive detection and response. The new funding allows us to invest in key areas of the business and maintain our extraordinary growth trajectory.”
The funding round was led by Sonae Investment Management with participation from Lightspeed Venture Partners, Redpoint Ventures and Knollwood Investment Advisory.