On 12th May 2021, Panaseer, a company that uses the data science approach in cyber-security, raised USD 26.5 Million in a Series B funding round. The funding round was led by AllegisCyber Capital with the participation of National Grid Partners, Paladin Capital Group, Notion Capital, AlbionVC, Evolution Equity Partners, and Cisco Investments. Among all the National Grid Partners are the newest investors.
The company correlates a great deal of information from all available security instruments to check control gap, asset gap and many more. Panaseer claims to identify zero-day and other external exposures faster.
The CEO of the company has shared his views on the investments and told about the future plans; he said: “The investment, allows us to scale our organisation Panaseer, to meet those demands of customers with a team of people to implement the platform and help them get tremendous value and to evolve the product, to add more and more capability to the technology and support more and more use cases. So they’re the two main directions, there’s a market we think of tens of thousands of organisations of a certain size, who are regulated or they have assets worth protecting and a level of complexity that makes it difficult to solve the problem themselves. And our Advisory Board and the customers I’ve spoken with think maybe there are barely 20 companies in the world who can solve this problem. And everybody else gets stuck on the fact that it’s a challenging data science problem to solve. So we want to scale that and take that to more organisations.”
Words from the investors –
“The emergence of Continuous Controls Monitoring as a new cybersecurity category demonstrates a ‘coming of age’ for cybersecurity. Cyber is an existential threat to the global digital economy. All levels of the enterprise, from the CISO to Chief Risk Officer, to the Board of Directors are demanding comprehensive visibility, transparency and hard metrics to assess cyber situational awareness.” – Bob Ackerman, founder & managing director, AllegisCyber Capital.,
About the company –
Panaseer was started and established by Charaka Goonatilake, Mike MacIntyre, Nik Whitfield, and Sophie Harrison in June 2014. The company is based in London, UK. It helps businesses to make risk-based and informed security decisions.
It is the first Continuous Controls Monitoring platform for enterprise cybersecurity. It shows real-time data of asset, user, application and data. All this information is helpful to align Security, control coverage with substantiates regulatory compliance and framework.
The company’s automated data reduces the reporting time, customises the insight to stakeholders and different levels, and enhances analyst decision-making.
Words from the CEO –
“Most enterprises have the tools and capability to prevent a breach from occurring theoretically. However, one of the key reasons breaches occur is that there is no technology to monitor and react to failed controls. CCM continuously validates and measures levels of protection and provides notifications of failures. Ultimately, CCM enables these failures to be fixed before they become security incidents.” – Jonathan Gill, CEO, Panaseer.
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