ProtectWise, a hot Denver startup in the even hotter cybersecurity industry, plans to announce Wednesday that it has raised another $25 million from investors.
“This round of funding is further testament to the uniqueness of our cloud form factor and the tremendous potential for a utility model in enterprise security,” said Scott Chasin, ProtectWise’s CEO. “With this capital, we are investing in sales and marketing to broaden our footprint in traditional enterprise network security and further extend our flagship platform into cloud and industrial control services environments.”
The company, which employs 70 people, built DVR-like technology that tracks all the changes to a company’s network. Companies can “rewind” and see when a cyber threat started and what occurred over time instead of just after an attack.
“We doubled our customer base, which is great validation of the reception to our platform in the marketplace,” Chasin added. “At more than 70 full-time employees, we’ve nearly doubled our workforce to respond to market opportunities, and we expect to continue on that trajectory.”
ProtectWise has raised $67 million from investors to date, including a $20 million round in 2015. The current round, a series B, included investment from Arsenal Venture Partners, Top Tier Capital Partners, Tola Capital and others. Jay Leek, managing director for ClearSky, was added to ProtectWise’s board of directors.
