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ThreatQuotient, a security operations platform provider, today announced that it raised $22.5 million, a mix of debt and $13 million in equity. The company says it’ll use the proceeds to expand its workforce and the availability of its products globally.
More than three quarters of IT security leaders anticipate a major breach involving a critical infrastructure organization in the near future, according to a Black Hat USA survey. It’s estimated that 31% of organizations have experienced cyberattacks on operational technology infrastructure. Perhaps unsurprisingly, Gartner found that organizations planned to invest $17.48 billion in infrastructure protection in 2020.
ThreatQuotient was founded in 2013 by Ryan Trost and Wayne Chiang as a part of an effort to build a centrally managed source of cybersecurity solutions. The company’s product, ThreatQ, is designed to serve as a threat intelligence platform with an integrated, self-tuning library that features a workbench allowing for threat detection and response.
ThreatQ can score and prioritize cyber threats based on customers’ parameters as well as facilitate aggregation, operationalization across systems and teams. It offers configuration and integrations in addition to workload and enrichment, coordinating inefficiencies that span security operations.
Using ThreatQ, team leaders can direct actions, assign tasks, and see the results in real time. They can also import and aggregate data sources and export intelligence to third-party tools via integrations with feeds and security systems.
“ThreatQ [uses] analytics and machine learning to determine relevance and priority for specific companies. This is the basis for our dynamic scoring and self-tuning capabilities. As more data and context is captured in the threat library, the platform will reprioritize the data to ensure priority is known and appropriate actions are taken,” CEO and president John Czupak explained to VentureBeat via email. “ThreatQuotient also offers [a] cybersecurity situation room designed for collaborative threat analysis, shared, accelerated understanding, and coordinated response. Built on top of the ThreatQ platform, [it] allows for the capturing, learning and sharing of knowledge.”
ThreatQ can be deployed solely on-premises or in cloud-based environments, plus software-only distributions for virtual machines. ThreatQuotient also offers a family of appliances to meet various performance requirements.
In 2020, 115-employee ThreatQuotient says it secured a “record” number of new customers in 12 countries, bringing its customer base to over 100 companies. The startup also claims to have achieved a “record” number of transactions following the launch of a fully managed version of its platform.
“As a result of strong performance in 2020, we welcomed an opportunity to secure additional funding and add new investors to our syndicate. ThreatQuotient is meeting a critical need for security operations solutions, and we have significant expansion plans to continue this momentum,” Czupak continued. “Fortunately, we are in a position where the products and services we provide are critical to our customer’s security operations. In some cases, opportunities accelerated because security became higher on the list of priorities for organizations during the pandemic.”
New Enterprise Associates, Adams Street Partners, Escalate Capital, Blu Ventures, Cisco Investments, and Gaingels participated in the latest funding round. It brings the company’s total raised to over $60 million.
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