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RedSeal, a 15-year-old San Jose, California-based startup developing cyber risk modeling software for hybrid cloud environments, today announced a growth equity investment from Symphony Technology Group (STG), a private equity firm based in Palo Alto. It didn’t disclose the exact amount, but said that it’s a 70 percent majority stake, and that it brings RedSeal’s total raised to date to $142 million. (Previous funding rounds totaled about $77 million, according to Crunchbase.) That puts it somewhere north of $60 million.
RedSeal CEO and chairman Ray Rothrock said the infusion will be used to “support” growth, which has accelerated pretty dramatically over the past year. The company now counts more than 220 Global 2000 corporations and mission-critical government agencies in North America, Europe, and Asia among its customer base, including power grid companies, financial institutions, and all branches of the U.S. military.
“We have found a growth partner in STG,” he said. “They are aligned with our digital resilience strategy, and the enormous value that understanding your cyber terrain has on driving down your cybersecurity risks and exposure. STG’s collaboration and investment will help us further strengthen our position in the industry, expand and pursue growth opportunities, and drive increasing value to our customers.”
RedSeal’s suite of cloud-based tools algorithmically models public cloud, private cloud, and physical network environments without the need for agents, span ports, or taps by taking in configuration files from switches, routers, firewalls, and load balancers. It integrates with cloud managers to ingest vulnerability data from scanners and other sources, overlaying host and endpoint information along with identified vulnerabilities. Drawing on these and other sources, RedSeal calculates a risk score (out of 850) that considers not only severity and asset value, but defensive gaps, weaknesses revealed by attack simulations, and network blind spots.
RedSeal connects with security information and event management tools to quickly locate compromised devices and determine which assets bad actors might be able to reach. Additionally, it provides specific information needed to implement containment options, and isolates previously unknown attack pathways and chains of vulnerability.
“The RedSeal platform is a truly differentiated offering and a must-have for all enterprises, public or private,” said STG managing director J.T. Treadwell. “The scale and depth of RedSeal’s modeling and analytic capabilities are unique in the market, and they create meaningful insights to inform and empower today’s overmatched security teams. The force multiplying that customers experience with RedSeal is the definition of using insights and understanding to optimize effort for impact, a vision that STG has pursued in many of our most successful investments. Given this shared mission of using real-time insights at scale to drive impact, RedSeal was a strategic choice for our firm’s first investment into cybersecurity, and we are thrilled to partner with Ray Rothrock and the leadership team to help them accelerate their growth.”
As part of STG’s investment, it’ll appoint up to four directors on RedSeal’s seven-member board, which will include current chair Rothrock. In addition, Richard Clarke, a former U.S. coordinator for security, infrastructure protection, and counterterrorism, will join the firm as a board adviser.
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