Bastille on track to double Annual Recurring Revenue after growing 3x in 2023
Previous investor Bessemer Venture Partners also participates in the round
Bastille Networks, Inc., a leading supplier of wireless threat intelligence technology to high-tech, banking, and the intelligence community, is pleased to announce a Series C investment of $44 million, led by its new investor: Growth Equity at Goldman Sachs Asset Management (Goldman Sachs). Existing investor Bessemer Venture Partners joined Goldman Sachs in the Series C round. Investors in previous rounds include Comcast, Bessemer, and the individual investors who have supported the Company from its Seed stage. The capital will be used to support the company’s high growth and expand into new markets.
Growth Equity at Goldman Sachs Asset Management is dedicated to investing in high-growth businesses with strong market positioning, and durable business models. Zartasha Chaudhry, of Goldman Sachs, will join Bastille’s Board of Directors to advise on the company’s next stage of growth.
With the proliferation of radio frequency devices in people’s pockets, in buildings, in business, and in industry, there has been an explosion in wireless vulnerabilities that are not detectable by existing security technologies. Bastille provides its commercial customers with the ability to detect every wireless device in every facility, to watch each device’s behavior, and to evaluate that traffic for threats which would otherwise not be seen. Bastille then provides customers’ security teams with the locations of all devices violating their security policies. A key design feature of Bastille’s technology is the ability to integrate with the customer’s existing security systems and procedures.
“This $44 million investment from Goldman Sachs coupled with a shared vision about how our unique offering will help customers secure their radio frequency airspace, is a clear indicator of the strength of Bastille products,” said Chris Risley, CEO of Bastille. “Bastille has tripled Annual Recurring Revenue in the last year and is on track to more than double ARR again this year. Given their product experience as a Bastille customer, we are thrilled to deepen our relationship with Goldman Sachs as we bring them on as an investor.”
“Bastille has transformed the wireless threat detection space by building an advanced, multi-tiered platform providing real-time, continuous wireless threat intelligence. Our investment reflects our thesis that, as sophistication of wireless threats continues to grow, Bastille is primed to meet the needs of customers across the enterprise and federal sectors,” said Zartasha Chaudhry, Vice President in Growth Equity at Goldman Sachs Asset Management.
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