Insider threat solutions provider ObserveIT has announced a $33 million Series B financing round.
The round took place in two parts – the first, led by Bain Capital Ventures in April with participation from MDI Ventures, brought in $16 million; the more recent included participation from Bain Capital Ventures, Spring Lake Equity Partners and NightDragon Security.
“Preparing and protecting against insider threats requires organizations to have cybersecurity technology that can work in real-time to identify anomalous behavior,” said Jeff Williams, Founding Partner, Spring Lake Equity Partners. “ObserveIT’s approach allows organizations to uncover risky user behavior, investigate incidents and prevent data exfiltration; giving them peace of mind that they’re protected from insider threats.”
Insider threats are the greatest threats enterprises face today, and organizations are struggling to protect their most valuable assets.
– Dave DeWalt, Founder, NightDragon Security
As part of the investment, NightDragon Security founder Dave DeWalt, whose former roles include CEO of McAfee and FireEye, will join ObserveIT’s board of directors.
“Insider threats are the greatest threats enterprises face today, and organizations are struggling to protect their most valuable assets,” said DeWalt. “ObserveIT is well-positioned to tackle these challenges head-on, as it enables organizations to uncover risky user behavior in real-time all while preventing data exfiltration. With ObserveIT, organizations can stop threats in their tracks and prevent future risk.”
DeWalt’s interest in the company, and the relatively high value of the round for a Series B investment in this market, reflect ObserveIT’s performance over the past year. The company has increased customer deals by 185% year-on-year, with new customer deal size increasing by more than 250%.
“Whether accidental or malicious, insider threats are increasing in both frequency and cost,” said Mike McKee, CEO of ObserveIT. “Our recent momentum is a testament to the market’s need for a holistic cybersecurity solution which swiftly identifies and eliminates these risks – with real-time visibility, detection, and prevention. We look forward to continuing our mission of bringing the best insider threat capabilities to market, to protect organizations around the globe.”
The company intends to use the Series B investment to continue product development, and to expand its sales and marketing teams as the company grows globally.
