Lacework, a four-year-old Mountain View, California-based developer of automated containerized workload defense, intrusion detection, and compliance solutions, today announced that it’s raised $42 million in funding from Sutter Hill Ventures and Liberty Global Ventures, bringing its total raised to over $70 million. CEO Dan Hubbard said the fresh funding, which follows on the heels of $24 million series B and $8 million series A rounds in August 2018 and May 2015, respectively, will accelerate the company’s product development and customer acquisition efforts.
“Our new funding [and] new perspectives on the board of directors … are all going to be critical for how we build on our solid foundation as a cloud and container security leader,” said Hubbard. “Lacework and our growing list of customers agree that there is a need for a new generation of security companies that are purpose-fit to secure today’s modern infrastructure.”
For the uninitiated, Lacework’s platform aims to close security gaps across DevOps and cloud environments by identifying threats targeting cloud servers, containers, and accounts. Its lightweight agent provides visibility into running processes and apps, using machine learning to detect anomalous behavior. Concurrently, the agent monitors for suspicious activities like unauthorized API calls and the use of management consoles and admin accounts, ensuring networks remain secure by limiting access to vulnerable ports and enforcing “least access” privileges.
Events of import are logged and funneled to Lacework’s cloud backend, regardless of whether they took place on public clouds like Google Cloud Platform, Amazon Web Services, and Microsoft’s Azure or private data centers. There, they’re aggregated and used to create a baseline against which future incidents are measured.
The costly threat of compromise has given rise to a cybersecurity market that’s projected to be worth $300 billion by 2024. Juniper Research pegs the number of digital records that will be stolen in 2023 at 33 billion, compared with the 12 billion stolen in 2018. And analysts elsewhere estimate that the cybercrime economy has grown to $1.5 trillion in annual profits and that damages will reach $6 trillion by 2021.
“We believe cloud infrastructure is a fundamental part of the digital revolution — and so securing it is very critical. Lacework has the best cloud security product and also a world-class team to deliver on this promise. We look forward to working closely with them,” said Liberty Global Ventures vice president Ankur Prakash.
As part of this latest funding round, Lacework revealed the hiring of Andy Byron as president to run all go-to-market functions. Additionally, it announced that it’s added two new board members: Sutter Hill Ventures partner Mike Speiser and data warehousing and analytics company Snowflake board member John McMahon. Byron previously led sales and marketing as chief revenue marketing at Cybereason and Fuze, while Speiser founded Snowflake.
Among Lacework’s other investors are Spike Ventures, the Webb Investment Network (WIN), and AME Cloud Ventures.