Security Firm Nets Industry’s Largest-Ever Funding Round
Lacework, the data-driven security platform for the cloud, has raised $1.3 billion in growth funding at a valuation of $8.3 billion. With this capital, which is the largest funding round in security industry history, Lacework will invest in scaling its business globally, building on the recent momentum of more than 3x year-over-year revenue growth and a 3.5x year-over-year increase in new customers.
Founded in 2015 and headquartered in San Jose, Califonia, Lacework is a data-driven security platform for the cloud. The Lacework Cloud Security Platform, powered by Polygraph, automates cloud security at scale so Lacework can collect, analyze, and accurately correlate data across an organization’s AWS, Azure, GCP, and Kubernetes environments, and narrow it down to an essential handful of security events.
“Our growth over the last 36 months reflects the pain many businesses endure as they attempt to navigate the cloud using security products that simply aren’t designed for it. This investment, and the partnership of these long-term investors, will help us realize Lacework’s promise of becoming the most trusted cloud security platform”, said David Hatfield and Jay Parikh, Co-CEOs, Lacework.
This Series D round was led by existing investors Sutter Hill Ventures, Altimeter Capital, D1 Capital Partners, and Tiger Global Management with participation from new investors including Counterpoint Global (Morgan Stanley), Durable Capital, Franklin Templeton, General Catalyst, and XN. Coatue, Dragoneer, Liberty Global Ventures, and Snowflake Ventures.
Lacework will use the funding to “extend its lead in the cloud security market by fueling product innovation” that expands the company’s total addressable market and pursue additional strategic acquisitions, like the recently announced Soluble transaction. The company will also scale go-to-market strategies, growing the Lacework workforce and the company’s presence globally.
Lacework states that the ecosystem surrounding Lacework, including IaC, CI/CD, and workflow integrations such as Kubernetes, Terraform, and Jira, strong and growing alliances with partners like Snowflake, New Relic, Amazon Web Services, Google Cloud Platform (GCP), Microsoft Azure and growing channel partnerships with companies including Presidio, EVOTEK, Guidepoint, GlobalDots, and Katana1 are “continuing to drive outsized momentum”.
“With enterprises shifting faster to cloud-native architectures, the cybersecurity industry is in dire need of increased automation, higher signal-to-noise, and fewer point solutions. This is a daunting task, and it requires a platform that can scale with the enormous growth of data flowing through an organization’s cloud infrastructure. To this end, Lacework has built something that’s powerful and unique, positioning it to be one of this generation’s most important cybersecurity companies”, said Matt Cioppa, Vice President, Franklin Templeton.
You can find more information about Lacework and the security industry’s largest-ever funding round on the company’s website.
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