High demand for cybersecurity software accelerates company’s product development and market expansion
DefenseStorm, the leading cloud-based cybersecurity and cybercompliance management provider to regional and community banks and credit unions, announced today that it has raised a $12M Series B round, bringing its total funding to $47M. Georgian, a fintech investing in high growth technology companies, led the round, with participation from TTV Capital.
Founded in 2014, DefenseStorm unifies detection, investigation, resolution and reporting into a single system of record to deliver real-time cyberthreat exposure and safety. DefenseStorm’s growth comes at a time in which the financial sector has seen cyberthreats increase rapidly. This round of funding will accelerate DefenseStorm’s capabilities to better help its customers.
DefenseStorm has also secured $7M in growth capital financing from CIBC Innovation Banking.
“Thanks to the support of Georgian, TTV Capital and CIBC Innovation Banking, DefenseStorm is poised for another incredible growth period,” said Steve Soukup, chief executive officer of DefenseStorm. “Our primary goal is to invest our time and resources into our current and potential customers, our hardworking employees and our own innovative solutions to continue serving the financial industry to the best of our ability.”
This round of funding will accelerate several of DefenseStorm’s strategic growth initiatives including technical and user-facing product changes and establishing greater platform efficiency and scalability. In 2020, the financial sector has been faced with a growing threat landscape and continues to undergo a digital transformation. To combat these challenges, DefenseStorm will be bringing its CyberFraud module to market and is focusing on driving high efficiencies through its TRAC service provider team, which delivers blended expertise across cybersecurity and fraud threats.
“DefenseStorm has taken a leading approach to building out their AI capabilities,” said Alex Manea, head of security and privacy at Georgian. “The market is demanding effective cybersecurity and compliance solutions, and DefenseStorm is answering on all fronts: efficient service, next-generation platform, and an exceptional team to execute.”
In addition, DefenseStorm has made several critical hires to support these strategic initiatives, adding over 35 years of diverse experience in product management and engineering since early October. DefenseStorm plans to continue strategically staffing the teams required to execute plans for 2021 and beyond.
“DefenseStorm helps financial institutions stay ahead of security threats by ensuring the integrity of their networks and client data,” said Paul Gibson, managing director at CIBC Innovation Banking.“We are proud to work with DefenseStorm to provide flexible financing solutions to help fuel its continued growth and further expand its security and compliance offerings.”
“Regional banks and credit unions struggle with the same complex compliance challenges as larger institutions, but without the budget to effectively solve those challenges,” said Mark Johnson, general partner at TTV Capital. “We see DefenseStorm as evening this playing field, allowing smaller institutions to compete in larger spaces, and we are thrilled to be able to contribute to this mission.”
