PlexTrac, the cybersecurity software company on a mission to empower teams to win the right cybersecurity battles, today announced that it has raised a $70 million Series B round, led by New York-based global venture capital and private equity firm Insight Partners, with participation from existing investors Madrona Venture Group, Noro-Moseley Partners and StageDotO Ventures.
With its cybersecurity platform, PlexTrac equips consultants, service providers and enterprise teams of all sizes with the solution they need to track and improve their posture across the security lifecycle. The company’s Series B funding continues the momentum of rapid growth PlexTrac saw in 2021, including quadrupling headcount, completing a $10M Series A round in April and generating 3X recurring revenue growth. The new investment will be used to accelerate this trajectory by expanding market reach and increasing brand awareness, while doubling headcount and propelling the product roadmap forward.
“It has never been more crucial to be proactive in defending against increasingly disruptive threats. PlexTrac empowers teams to stay focused on the right work, eliminating waste in daily workflows, prioritizing the most critical organizational risks, and providing visibility of security progress,” said Dan DeCloss, founder and CEO of PlexTrac. “We are both humbled and validated by this investment led by Insight Partners, the premier cybersecurity investment firm, that will allow PlexTrac to scale quickly to meet growing demand while maintaining the quality of the platform and the world class support our customers love.”
Customers report that they see PlexTrac “as a part of our strategy to move quicker and be proactive,” that the platform “has a 5x ROI in year 1” and that it gives their cybersecurity operations a “30 percent increase in efficiency.” From test execution and reporting to analytics and risk prioritization to remediation and attestation, PlexTrac’s end-to-end workflow automation provides a single source for gauging and evolving program maturity.
“As evidenced by their rapid growth and best-in-class customer satisfaction, it’s clear that PlexTrac is filling a critical need for streamlined reporting, data aggregation and program management in cybersecurity,” said Insight Partners Vice President Evan Hahn. “PlexTrac is poised to be a game changer in security workflow and management, and we are incredibly excited to partner with Dan and the entire team to fuel the next stage in the company’s growth.”
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybersecurity, go to AI-Techpark.com.
