SOCRadar Raises $25.2M in Series B Funding to Strengthen Global Cyber Security Defense
May 27, 2024, 3:31 am
Location: United States, Delaware, Middletown
Employees: 51-200
Founded date: 2018
Total raised: $30.2M
In a bold move to combat the escalating threat landscape of cyber security, SOCRadar, a prominent cybersecurity company headquartered in Newark, DE, has successfully secured $25.2 million in Series B funding. The funding round, spearheaded by PeakSpan Capital and with participation from Oxx, signifies a significant milestone for SOCRadar as it gears up to fortify its position as a leading provider of enterprise-grade, end-to-end threat intelligence and brand protection solutions.
The cyber security landscape has witnessed a rapid escalation in external threats, driven by the unprecedented levels of digital transformation, cloud migrations, and the surge in remote work arrangements. According to the Verizon DBIR 2023 Report, a staggering 83% of respondents identified external threats as the primary cause of cyber incidents, with ransomware, Business Email Compromise (BEC), and phishing emerging as the top threats. The FBI's Internet Crime Report 2023 further underscores the severity of the situation, highlighting phishing as the leading cause of complaint count and BEC as the second highest in complaint loss. Alarmingly, projections indicate that the financial damage from cyberattacks could reach a staggering $10.5 trillion annually by 2025, marking a 300% increase from 2015.
In response to this pressing need for enhanced cyber security defenses, SOCRadar remains steadfast in its commitment to delivering pre-emptive defense against a myriad of cyber threats, including ransomware, phishing, BEC, and other externally sourced attacks. The company's core mission revolves around detecting and preventing cyber attacks before they materialize, thereby providing proactive protection for organizations of all sizes.
Led by CEO Huzeyfe Onal, SOCRadar's innovative approach to cyber security is underpinned by its flagship Extended Threat Intelligence (XTI) platform, which offers a comprehensive suite of tailored products. These include Cyber Threat Intelligence, External Attack Surface Management, Brand Protection, Dark Web Monitoring, and Supply Chain Threat Intelligence. By harnessing the power of artificial intelligence and machine learning, SOCRadar enhances its threat detection capabilities, enabling organizations to proactively defend against primary external breach vectors.
The successful completion of the Series B funding round not only underscores investor confidence in SOCRadar's innovative solutions but also paves the way for accelerated investments in key areas. The company plans to channel the funds towards bolstering its global sales infrastructure, driving product innovation, and enhancing AI-enabled workflows across its platform. Additionally, the funding will support SOCRadar's expansion efforts in the US market, strengthen its presence in the EU market, penetrate the Managed Service Provider (MSP) and Managed Security Services Provider (MSSP) markets, and invest in research and development initiatives.
With a strong focus on product-led growth and sales, SOCRadar has successfully engaged over 25,000 freemium customers from 150+ countries worldwide, in addition to boasting 600+ active paid customers and 350+ channel partners. This global adoption of SOCRadar's solutions underscores the universal challenge faced by organizations worldwide and the efficacy of the company's offerings in addressing external cyber security needs.
The strategic partnership with investors like PeakSpan Capital and Oxx further solidifies SOCRadar's position as a trusted partner for organizations seeking to defend against external cyber threats and safeguard their digital assets. With a shared vision of democratizing external threat intelligence for enterprises and mid-market organizations globally, SOCRadar is poised to emerge as a leading global provider of external cybersecurity solutions, driving resilient, risk-adjusted value creation in the cyber security landscape.
The cyber security landscape has witnessed a rapid escalation in external threats, driven by the unprecedented levels of digital transformation, cloud migrations, and the surge in remote work arrangements. According to the Verizon DBIR 2023 Report, a staggering 83% of respondents identified external threats as the primary cause of cyber incidents, with ransomware, Business Email Compromise (BEC), and phishing emerging as the top threats. The FBI's Internet Crime Report 2023 further underscores the severity of the situation, highlighting phishing as the leading cause of complaint count and BEC as the second highest in complaint loss. Alarmingly, projections indicate that the financial damage from cyberattacks could reach a staggering $10.5 trillion annually by 2025, marking a 300% increase from 2015.
In response to this pressing need for enhanced cyber security defenses, SOCRadar remains steadfast in its commitment to delivering pre-emptive defense against a myriad of cyber threats, including ransomware, phishing, BEC, and other externally sourced attacks. The company's core mission revolves around detecting and preventing cyber attacks before they materialize, thereby providing proactive protection for organizations of all sizes.
Led by CEO Huzeyfe Onal, SOCRadar's innovative approach to cyber security is underpinned by its flagship Extended Threat Intelligence (XTI) platform, which offers a comprehensive suite of tailored products. These include Cyber Threat Intelligence, External Attack Surface Management, Brand Protection, Dark Web Monitoring, and Supply Chain Threat Intelligence. By harnessing the power of artificial intelligence and machine learning, SOCRadar enhances its threat detection capabilities, enabling organizations to proactively defend against primary external breach vectors.
The successful completion of the Series B funding round not only underscores investor confidence in SOCRadar's innovative solutions but also paves the way for accelerated investments in key areas. The company plans to channel the funds towards bolstering its global sales infrastructure, driving product innovation, and enhancing AI-enabled workflows across its platform. Additionally, the funding will support SOCRadar's expansion efforts in the US market, strengthen its presence in the EU market, penetrate the Managed Service Provider (MSP) and Managed Security Services Provider (MSSP) markets, and invest in research and development initiatives.
With a strong focus on product-led growth and sales, SOCRadar has successfully engaged over 25,000 freemium customers from 150+ countries worldwide, in addition to boasting 600+ active paid customers and 350+ channel partners. This global adoption of SOCRadar's solutions underscores the universal challenge faced by organizations worldwide and the efficacy of the company's offerings in addressing external cyber security needs.
The strategic partnership with investors like PeakSpan Capital and Oxx further solidifies SOCRadar's position as a trusted partner for organizations seeking to defend against external cyber threats and safeguard their digital assets. With a shared vision of democratizing external threat intelligence for enterprises and mid-market organizations globally, SOCRadar is poised to emerge as a leading global provider of external cybersecurity solutions, driving resilient, risk-adjusted value creation in the cyber security landscape.