SOCRadar, a prominent provider of enterprise-grade threat intelligence and brand protection solutions, made headlines today with the successful completion of its Series B funding round, securing a substantial $25.2 million. The funding round was led by PeakSpan Capital, a renowned investment firm, with the participation of Oxx, showcasing the growing investor confidence in SOCRadar’s innovative cybersecurity approach.
The escalating importance of external cybersecurity has become increasingly evident in recent times, particularly in the wake of the global pandemic. The surge in digital transformation, cloud migrations, and remote work arrangements has exacerbated external threats, with reports indicating that 83% of cyber threats are attributed to external sources. Ransomware, Business Email Compromise (BEC), and phishing attacks are among the top threats identified by industry reports.
In light of these concerning trends, SOCRadar has positioned itself as a proactive defense mechanism against cyber threats, focusing on preemptive protection against ransomware, phishing, BEC, and other external attacks. By detecting and preventing cyber threats before they materialize, SOCRadar aims to safeguard businesses of all scales against potential breaches and data theft.
Huzeyfe Onal, the CEO of SOCRadar, emphasized the company’s commitment to enhancing cybersecurity for organizations worldwide. With the newly acquired funding, SOCRadar plans to expand its geographical presence and bolster its AI capabilities to provide advanced threat detection and response mechanisms.
One of the key strategies adopted by SOCRadar is its product-led growth approach, which has enabled the company to engage with over 25,000 freemium customers and secure 600+ active paid customers globally. The platform’s ease of use and comprehensive solutions have resonated with organizations across 150+ countries, underscoring the universal need for robust cybersecurity measures.
The flagship product of SOCRadar, the Extended Threat Intelligence (XTI) platform, offers a suite of external cybersecurity solutions, including Cyber Threat Intelligence, Brand Protection, Dark Web Monitoring, and Supply Chain Threat Intelligence. This cost-effective and user-friendly platform empowers organizations to proactively defend against external threats and safeguard their digital assets effectively.
Looking ahead, the funds raised in the Series B round will be primarily allocated towards expanding SOCRadar’s presence in the US market, strengthening its foothold in the EU market, and further penetrating the Managed Service Provider (MSP) and Managed Security Services Provider (MSSP) sectors. Additionally, the company plans to invest heavily in research and development, with a focus on enhancing AI capabilities for improved threat detection and automated responses.
Commenting on the partnership with SOCRadar, Sanket Merchant, a Partner at PeakSpan Capital, expressed enthusiasm for the company’s potential to lead the global market in external cybersecurity solutions. Similarly, Richard Anton, Co-Founder and General Partner at Oxx, reiterated the commitment to supporting SOCRadar’s expansion efforts in Europe, highlighting the strategic importance of the cybersecurity sector in today’s digital landscape.
With its latest round of funding, SOCRadar is well-positioned to solidify its reputation as a trusted cybersecurity partner for organizations worldwide, offering cutting-edge solutions to mitigate external cyber threats and safeguard digital infrastructure. As the digital landscape continues to evolve, SOCRadar remains at the forefront of proactive cybersecurity defense, ensuring that businesses can navigate the complex threat landscape with confidence and resilience.