- Advanced network traffic analysis company Awake Security announced it raised $36 million in Series C funding led by Evolution Equity Partners
Advanced network traffic analysis company Awake Security announced it raised $36 million in Series C funding led by Evolution Equity Partners with participation from Energize Ventures and Liberty Global Ventures as well as existing investors Bain Capital and Greylock Partners.
In connection with the funding, Evolution Equity partner Karthik Subramanian is joining Asheem Chandna, Enrique Salem and Kevin Mandia on the company’s board of directors.
Including this funding round, Awake Security has raised a total of nearly $80 million. And this funding round will be used for accelerating expansion in research and development, sales, and marketing to meet the growing demand for their advanced network traffic analysis platform.
Enterprises have been facing increasingly sophisticated cyberattacks from internal and external actors that blend with normal activity. And the company’s Awake platform has become a trusted and proven solution to quickly find and remediate these threats that would otherwise go undetected by traditional security solutions.
Awake’s annual recurring revenue (ARR) increased by close to 700% and doubled its employee headcount over the past year. And the company has displaced several established vendors, including those using AI-based techniques, and has established itself as a market leader for network detection and response, shadow IT, remote worker and contractor security, digital network packet forensics and threat hunting.
Since publicly launching, Awake has been a driving force for developing innovations that strengthen cybersecurity through advanced network traffic analysis. And unlike prior generations of security tools, this approach presents the entire scope of an attack along with investigation, digital forensics, and remediation options rather than leaving it to the human analyst to painstakingly pull this information together.
Key Quotes:
“Awake has assembled the best minds in networking, machine learning, data science, cybersecurity, and other disciplines to create something entirely new that fills a massive void in the security market. By partnering with Evolution Equity with its deep U.S. and European network and cybersecurity expertise, and strategic investors Energize Ventures and Liberty Global, we’re building on that momentum to bring the Awake platform to even more organizations around the globe.”
-Rahul Kashyap, CEO of Awake Security
“The new network – from the data center to cloud workloads, IoT, and SaaS applications – is fundamental to the business success of organizations, especially as more and more of the workforce becomes distributed. Security solutions have just not been adequate at enabling this transformation – until Awake… We invested in Awake because we recognize its unique ability to help organizations fight modern threats. The traction and the third-party recognition Awake has received combined with our resources in and knowledge of the U.S. and European markets only bolsters our conviction.”
-Evolution Equity partner Karthik Subramanian
“With more assets and applications in a hybrid cloud environment, detecting malicious or threatening activity is becoming more complicated. Network traffic analysis can augment our cybersecurity resources and enable companies to respond appropriately.”
-Shane Hibbard, Director of Information Security at Invenergy
“The challenges with protecting critical infrastructure are changing rapidly, and as the attack surface for digital threats expands, so have the blind spots for many organizations. Cybersecurity teams at power, utility, manufacturing, oil and gas, and other companies have been at a disadvantage, but Awake helps even the playing field. We’re partnering with Awake because we believe its platform can have a big impact in the industrial sector.”
-Juan Muldoon, Partner, Energize Ventures
“Organizations in the media and telecom industries have a unique exposure to cyber-threats simply because of the nature of their networks. New and evolving threats require new solutions that are able to deal with them. The way Awake applies its proprietary analytics to every packet that crosses the network provides organizations with the visibility and actionable intelligence to fight new threats like they’ve never had before.”
-Ankur Prakash, Partner at Liberty Global Ventures
