visimoney
TLDR:
- Sevco Security, a cybersecurity innovator specializing in Cyber Asset Attack Surface Management, has secured $17m in funding led by SYN Ventures.
- The funding will be used to enhance the company’s platform capabilities, meet market demand, and accelerate growth.
Sevco Security has recently announced a significant milestone in its growth trajectory with a $17m funding round led by SYN Ventures. The company’s cloud-native Cyber Asset Attack Surface Management (CAASM) platform aims to provide accurate and continuously updated security asset inventory to enhance organizational protection. This funding injection, which also included contributions from .406 Ventures, Accomplice, Bill Wood Ventures, and Washington Harbor Partners, will enable Sevco Security to address the expanding cyberattack surface and meet the critical market need for its solutions.
Research conducted by Sevco Security revealed that over 20% of IT assets accessing corporate networks are invisible to security teams, highlighting the importance of accurate asset intelligence. The company’s commitment to product innovation has resulted in a 40% increase in devices under management and significant improvements in contract value and multi-year deals. Notable organizations like Workday, Sallie Mae, and Quality Carriers have already recognized the value of Sevco Security’s solutions.
In addition to expanding its platform capabilities, Sevco Security has prioritized growth in the channel and MSSP market, leading to the launch of the Sevco Channel Partner Program and significant growth in MSSP ARR. The company’s CEO, J.J. Guy, emphasized the importance of customer-led product innovation in fueling Sevco’s growth and its mission to help organizations close security gaps with accurate asset intelligence.
This latest funding round builds upon Sevco Security’s previous investments, bringing its total raised to $38m since its establishment. The continued financial support indicates market confidence in Sevco Security’s innovative approach to cybersecurity and asset management. With the additional funding, the company is well-positioned to enhance its platform capabilities, meet market demand, and accelerate its growth in the cybersecurity industry.
