Security instrumentation and validation company Verodin has raised $21 million in a Series B financing round.
The round, led by TenEleven Ventures and Bessemer Venture Partners (BVP) with participation from Capital One Growth Ventures, Citi Ventures and all existing investors, brings total disclosed investment in the company to $34 million.
“Forward-leaning organizations are realizing they can no longer afford to assume their cybersecurity controls remain effective over time,” said Bob Goodman, a partner at BVP. “Verodin is very clearly defining the market with a strong vision and impressive customer traction. We are excited to partner with the team.”
Verodin is leading a revolutionary shift in cybersecurity, delivering organizations the evidence they need to measure, manage and improve their cybersecurity effectiveness.
– Mark Hatfield, founder, TenEleven Ventures
Verodin’s primary offering is its Security Instrumentation Platform, which is deployed into customer IT environments to test the effectiveness of endpoint, email, cloud and network controls. The platform executes tests continuously and analyses results to help customers spot potential vulnerabilities, optimise the configuration of their controls, and analyse whether the other software they’ve deployed is achieving the desired outcomes.
“Boards and C-level executives increasingly want evidence that the dollars and effort they spend on cyber defenses are actually working,” said Mark Hatfield, founder of TenEleven Ventures. “Verodin is leading a revolutionary shift in cybersecurity, delivering organizations the evidence they need to measure, manage and improve their cybersecurity effectiveness.”
As part of the investment, Hatfield will be joining Verodin’s board of directors. The company stated in a press release that the new funds will be used to continue development of the Security Instrumentation Platform, to increase hiring across all functions, and to expand its global sales reach.
With that in mind, TenEleven Ventures in particular may be an ideal partner – other cybersecurity companies in TenEleven’s investment portfolio include Darktrace and Cylance, both of which have enjoyed a great deal of success.
“This raise is a big milestone for Verodin. I am excited to partner with such an elite group of investors and to have Mark join the Board,” said Christopher Key, CEO of Verodin. “We will leverage the investment to continue to deliver on our promise to customers and expand our global footprint. While Verodin has successfully deployed across all major industry verticals, the strategic partnerships with Capital One Growth Ventures and Citi Ventures specifically highlight our leadership in the financial services space. We are just getting started.”