Swimlane, a Denver-based security operations management software provider, today announced that it has secured $23 million in series B funding from Energy Impact Partners, bringing its total capital raised to $35 million. The new funds will be used to accelerate product development and expand the company’s partnerships, said CEO and cofounder Cody Cornell, and to continue to improve collaboration across organizations and sectors.
“The sheer volume of threats, shortage of available security talent, and lack of integration between existing security and IT products creates an almost impossible situation for the modern security ops team,” said Cornell. “Swimlane is built for organizations looking to alleviate the pain of being understaffed and overworked, improving staff retention by moving away from reactive mundane tasks and, ultimately, creating a more proactive, effective, and secure organization.”
Swimlane’s suite of security orchestration, automation, and response (SOAR) tools can automate 80-90% of the incident response process, the company claims, with extensible automated workflows and playbooks that interface with organizations’ existing tools while addressing data compliance laws and regulations across verticals. Its platform features dashboards and reports that bubble to the surface metrics of note, including remediation cases in progress, alert levels, and threat intelligence, and which track (and allow admins to execute) scenario-specific security tasks and actions.
With its Technology Alliance Program, Swimlane teams up with companies to develop active integration points with security products, and through its free community (SecOpsHub.com) and content-sharing site (AppHub), it encourages both customers and non-customers to collaborate to solve security problems with Swimlane’s hundreds of out-of-the-box integrations and common scripting language.
“The protection of critical infrastructure is a key concern of organizations and countries around the world,” added Cornell. Having a partner that understands the need and urgency of getting automation into the hands of as many teams as possible is incredibly exciting.”
This latest capital infusion comes following a two-year period in which Swimlane’s revenue grew 544% and its workforce doubled. The company now supports hundreds of organizations directly and through managed service security providers, largely in sectors like energy, finance, retail, and government.
“We look for companies with the proven ability to execute globally across vertical markets and ultimately transform how businesses operate — and Swimlane fits firmly in this category,” said Energy Impact Partners’ Sameer Reddy. “Security teams across the world face the same two foundational challenges — a lack of qualified staff and too many point solutions to manage and operate well. As the leading independent SOAR provider on the market, we have heard directly how Swimlane helps resolve these organizational inefficiencies and streamlines the way industries respond to incidents, adhere to regulatory compliance mandates, and mitigate the risk of cyberattacks for their customers.”
According to Markets and Markets, the SOAR market is anticipated to be worth $1.68 billion by 2021, driven by a rise in security breaches and incidents and the rapid deployment and development of cloud-based solutions. That’s not a stretch — just this morning, Boston-based Recorded Future announced it’s being acquired by tech investor Insight Partners for $780 million, the highest-ever price for a threat intelligence firm.