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ThreatLocker, a startup providing enterprise cybersecurity tools for servers and endpoints, today announced it has raised $20 million in a series B round led by Elephant. The company says it will put the capital toward expanding its global footprint and product R&D, with a focus on growing its engineering workforce.
The average cost of a data breach is nearly $4 million, with 74% of companies saying they can’t patch vulnerabilities quickly and 66% of IT teams reporting that they detect phishing attacks on their network “frequently.” Yet 15% of businesses don’t use endpoint security, according to CISO MAG.
ThreatLocker, which was founded in 2017 by Danny Jenkins, John Carolan, and Sami Jenkins, offers a platform that lets customers audit file and application access in real time, as well as seeing information for remote and local users in a unified audit. ThreatLocker can control how applications interact with each other and protect network resources, registries, and data from misbehaving software. Moreover, it can allow only known and tested applications to run on an enterprise system, with policies to automatically block untrusted software from running.
Beyond this, ThreatLocker can control what devices, applications, and users can access and how they access those files. Admins can determine what kinds of files can be saved to, copied from, or deleted from enterprise systems, and they can set individual rules for file types like text and video, as well as unique rules for storage devices like hard drives or servers.
A growing market
The global endpoint security market is projected to reach $8.28 billion in 2020, at around 13% of the overall IT security market, according to Statista. ThreatLocker competes with SentinelOne, which developed a platform that automates endpoint security using an AI engine. Another leading endpoint cybersecurity startup is Huntress, which in May raised $40 million in venture capital.
Against this backdrop, the global endpoint security market is anticipated to reach $15 billion by 2026, Statista also reports. A 2021 Forrester study found that 76% of enterprises have increased their use of endpoint devices since the beginning of the pandemic to support their remote, work-from-home, and hybrid workforces. According to the same research, 66% of enterprises believe securing their infrastructure requires a more focused, proactive approach to endpoint resilience that doesn’t leave endpoint security to chance.
But Elephant partner Jeremiah Daly expressed confidence in ThreatLocker’s growth potential. “ThreatLocker’s unique approach to zero trust endpoint security is unlike anything else we have seen,” Daly said in a press release. “This round is a testament to ThreatLocker’s differentiated technology and the team’s ability to execute and gain notable market share in only a short period of time. We look forward to a long partnership with ThreatLocker and more milestones in the future.”
ThreatLocker has raised a total of $27.6 million through this recent financing round. The Maitland, Florida-based company previously closed a $4.4 million seed round in September 2020.
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