Sevco Security, a cloud-native cyber asset attack surface management (CAASM) platform, announced an important milestone in its growth trajectory.
The company specializes in providing the industry's most accurate and continuously updated security asset inventory with the goal of increasing protection for organizations. In a recent development, Sevco Security has raised $17 million in new funding. The capital infusion was led by SYN Ventures, with additional contributions from .406 Ventures, Accomplice, Bill Wood Ventures, and Washington Harbor Partners.
At its core, Sevco Security addresses the growing cyber attack surface, including previously undetected and unprotected devices, users, and applications within a company's IT network. Research revealed in Sevco's State of the Cybersecurity Attack Surface Report reveals that more than 20% of IT assets accessing corporate networks are invisible to security teams, increasing market demand for Sevco's solutions. Important needs have been highlighted. This funding round is intended to strengthen the company's ability to meet this demand, enhance platform capabilities, and accelerate growth. Since its establishment, Sevco Security's total funding has reached $38 million.
The company's product innovation efforts have resulted in a 40% increase in managed devices and significant improvements in contract values and multi-year contracts. These accomplishments highlight the value our clients place on having accurate and comprehensive asset inventories, including notable organizations such as Workday, Sallie Mae, and Quality Carriers.
In 2023, Sevco Security prioritized channel and MSSP market growth, leading to the launch of the Sevco Channel Partner Program and significant growth in MSSP ARR. The company's efforts to extend the platform's capabilities to understand the risks of unknown assets has introduced new features such as Sevco Security Action Center and enhanced vulnerability hunting capabilities. These developments will enable businesses to more effectively manage and mitigate cybersecurity risks.
JJ Guy, CEO and Co-Founder of Sevco Security, shared his insights on the past year and said: Our mission is to help businesses of all sizes transform the way they think and approach asset management and cybersecurity. The funding we have received will accelerate existing momentum and extend the runway for Sevco to do just that, helping organizations identify and close security gaps with accurate asset intelligence. . ”
This latest $17 million funding round builds on Sevco Security's previous investments and brings the company's total raised since inception to $38 million. This continued financial support highlights the market's confidence in Sevco Security's innovative approach to cybersecurity and asset management.
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