Swimlane has raised a total of $40 million in investment, which includes $23 million in series B funding from Energy Impact Partners. According to CEO and cofounder Cody Cornell, the new funds will quicken product development, increase the company’s relationships, and improve cross-sector collaboration. 23m emergence capitalwiggersventurebeat.
According to Cornell, the lack of connectivity between current security and IT solutions, the sheer number of threats, and the scarcity of security talent make things nearly impossible for the modern security ops team. Swimlane was created for businesses that want to lessen the pain of having understaffed and overworked personnel, increase staff retention by moving away from laborious, reactive tasks, and, in the end, produce a more proactive, successful, and secure organization.
With extensible automated workflows and playbooks that interact with enterprises’ existing technologies and satisfy data compliance rules and regulations across verticals, Swimlane’s SOAR tool suite, according to the company, can automate 80–90% of the incident response process. Its platform includes dashboards and reports that highlight essential metrics, such as remediation cases that are in process, alert levels, and threat information. It also tracks scenario-specific security duties and activities and enables admins to carry them out.
According to Cornell, “the security of the vital infrastructure is a fundamental priority of companies and nations worldwide. It’s fascinating to have a partner who recognizes the necessity of getting automation into the hands of as many teams as possible.
Following two years in which Swimlane’s sales increased by 544% and its employees doubled, the company received its most recent capital infusion. Today’s business provides security help to hundreds of energies, finance, retail, and government companies.
Growth in security events and breaches, as well as the quick deployment and development of cloud-based solutions, are expected to propel the SOAR market to a value of $1.68 billion by 2021, according to Markets and Markets. That’s not far-fetched; only this morning, Boston-based Recorded Future revealed tech investor Insight Partners were acquiring it for $780 million, the most considerable sum ever paid for a threat intelligence firm.