- Cloud security company JupiterOne announced it has raised $19 million in venture funding led by Bain Capital Ventures
JupiterOne announced it has raised $19 million in venture funding to help companies automate asset discovery, visibility, and compliance as a critical foundation for cybersecurity. The Series A funding round was led by Bain Capital Ventures with additional investment from Rain Capital, LifeOmic, and individual investors.
Essentially, JupiterOne closes an important gap for CISOs, security operations, and compliance officers by providing automated, accurate, and actionable visibility to their global asset inventory. Cybersecurity asset management is known as a fast-growing segment of the global security and compliance market, estimated to reach $8.5 billion in spending by 2024.
JupiterOne is serving a critical need by reducing cost and complexity and providing in-depth visibility for cloud posture management, risk analysis, and compliance reporting, vulnerability management, threat hunting, and incident response. And the current customers include leading cloud-native organizations such as Reddit, Databricks, HashiCorp, Addepar, Auth0, and OhMD.
JupiterOne reduces the time and effort required to collect and analyze assets, demonstrate compliance, remediate security gaps, and improve the organization’s overall security posture. And the solution replaces manual asset inventories and survey-driven security assessments with a data-driven approach to provide an objective and continuous outcome. Plus JupiterOne technology provides granular visibility into software-defined assets and resources, and a deep understanding of security vulnerabilities.
JupiterOne was founded as a subsidiary of LifeOmic, a cloud-native healthcare software company. Erkang Zheng, founder and CEO of JupiterOne, served as LifeOmic’s chief information security officer and initially built JupiterOne to support security and compliance needs for LifeOmic’s cloud software. Upon hearing feedback from customers on the value of its novel approach to automating security operations and compliance, LifeOmic productized this solution as JupiterOne.
Before LifeOmic, Erkang had previously spent 15 years as a security practitioner and leader with Fidelity, IBM, Cisco and several others, seeing first-hand that too many security teams are operating without granular visibility into the security and compliance of their cyber assets. So Erkang and his team built JupiterOne to provide continuous, data-driven visibility across cyber assets and system configurations, eliminating guesswork for security operations teams, vulnerability managers, and threat hunters.
“Security is a basic right for every organization, but cost and complexity are major barriers. We built JupiterOne because we saw a gap in how organizations manage the security and compliance of their cyber assets day to day. Compliance should be a natural outcome of doing security correctly, and that starts with understanding what resources you have, how they are configured, who owns them, and how they are connected to each other.”
— Erkang Zheng, founder and CEO of JupiterOne
“JupiterOne has developed a compelling product that integrates quickly, has applicability across enterprise segments, and is highly reviewed by current customers. We see a large multibillion dollar market opportunity for this technology across mid-market and enterprise customers. Asset management is the first step in building a successful security program, and it’s currently a tedious, imperfect process that’s well-suited for automation.”
— Enrique Salem, partner at Bain Capital Ventures and former CEO at Symantec. Salem is joining the JupiterOne board.
“JupiterOne prospects say time and again that there’s no solution as mature or as sophisticated as what JupiterOne is bringing to the market. The cross-platform graph data model is a game-changer. Cyber security and asset management can no longer be managed separately. The two pieces are merging together, and JupiterOne is helping companies adjust to that new reality.”
— Dr. Chenxi Wang, general partner at Rain Capital