Ontario-based cybersecurity firm Field Effect raises USD 34.5 million in funding

OTTAWA, Ontario, December 9, 2022  – Field Effect, a global cybersecurity SaaS (“software as a service”) company, announced today the completion of its funding round, which raised a total of USD 34.5 million from Edison Partners, a well-known U.S. growth equity investment firm, and Round13 Growth Fund, a well-known late-stage Canadian growth equity investment fund.

“We are happy to partner with Edison Partners and Round13 Growth Fund as we continue to improve our cybersecurity solutions,” Field Effect co-founder and CEO Matt Holland stated.

Field Effect was developed to fulfill the cybersecurity needs of the neglected small and medium enterprise (SME) market. Most security systems were designed with large companies in mind, necessitating substantial budgets and extensive security experience.

“Field Effect provides a comprehensive cybersecurity platform explicitly designed for the underserved SMB sector. SMBs confront similar cyber-attacks as Fortune 1000 organizations but need more means to invest in security and on-staff knowledge. 

Field Effect’s software solution defends against many attack vectors at an affordable price for SMBs. Edison Partners is happy to have Round13 Growth as a partner on this journey, “said Edison Partners general partner Lenard Marcus, who spearheaded the investment and joined the company’s board.

Field Effect Covalence® identifies, monitors, and responds to cyber threats on endpoints, cloud services, and networks. Field Effect Cyber Range® is a cybersecurity training platform that uses simulation to develop individual skills, practice incident response, and train teams. Field Effect’s products are used by businesses of all sizes to improve their cybersecurity posture.

“The move to remote work, combined with the increased complexity of cyberattacks, has created a new set of cybersecurity concerns for SMEs that Field Effect is well positioned to assist solve,” said Alex Yanitsky, general partner at Round13 Growth Fund. We are very impressed with Matt and his team, and we feel that Field Effect has the potential to become the top provider of cybersecurity software to SMEs.”

Field Effect, a global cybersecurity firm, is reshaping the market by delivering cutting-edge cybersecurity solutions and services to organizations of all sizes. 

They have pioneered a holistic approach to cybersecurity after years of research and development by the best in the field. Their comprehensive Managed Detection and Response (MDR) system, adaptable simulation-based training platform, and expert-led professional services combine to build a cohesive defense that provides excellent protection, reduced complexity, and immediate benefit. They provide complex solutions that are simple to use and administer so that every company owner can have the hands-free cyber security they demand and the restful nights they deserve.

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