Application security firm Onapsis has raised $31 million through a Series C funding round led by new investor LLR Partners, the company announced Friday, bringing the total amount raised to $62 million.
Onapsis, which helps companies protect ERP systems and applications such as SAP and Oracle, says the funding will help support sales and marketing efforts as it expands in the application security market, and also support product development, threat research and scaling its channel and partner programs.
With more than 180 employees globally, the company says it currently has more than 200 Fortune 2000 companies as customers, and has achieved record year-over-year growth for five consecutive years.
Existing institutional investors .406 Ventures, Evolution Equity Partners and Arsenal Venture Partners. David Stienes, Partner at LLR Partners, also participated in the funding round.
“Onapsis is helping to solve a multi-billion-dollar security and compliance problem, which is now becoming even more widespread with complex digital transformation and ERP cloud migration projects on almost all board room agendas. We are excited to partner with the Onapsis team and leverage our experience and expertise in cybersecurity to help them execute their vision,” said David Stienes, Partner at LLR Partners.