(Photo by Tyler Waldman)
In a Fortune “exclusive,” RedOwl Analytics founder Guy Filippelli disclosed that the cybersecurity startup recently closed a $17 million Series B round. The company confirmed the news in a release issued early Monday afternoon.
The funding round follows a $4.6 million Series A in the fall for the Federal Hill-based company, which makes software that protects against insider threats called Reveal.
There were clues that another big round was coming.
Back in the spring, the company announced an investment from Blackstone, which found out about the company by using its product as a customer. At the time, the two sides didn’t disclose the investment. In addition to Blackstone, VC firm Allegis Capital led the round. Salesforce founder Marc Benioff, who was also an investor in the Series A, also participated. Under Armour founder Kevin Plank was in on the prior round.
In the Fortune piece, Filippelli tells reporter Robert Hackett that the company’s product, Reveal, became “need-to-have” in the wake of Edward Snowden’s massive leak of NSA documents revealing a warrantless surveillance program.
Over the last year, RedOwl nearly doubled the company’s Baltimore workforce, and opened a London office. With the new investment, more hiring is expected in data science and product development.
Gov. Hogan creates CISO position for State of Maryland
Congressman: ‘No evidence’ that NSA cyberweapon was used in Baltimore
Protecting passwords: Relatively simple solutions for a big cybersecurity risk
Building a data acquisition system? Don’t make this mistake
NYT: Tool used in cyber attack on City of Baltimore was developed at Maryland-based NSA
Mayor: City of Baltimore will have to rebuild some IT systems to recover from cyber attack
City of Baltimore ransomware attack affects home sales, payments and more
How SmartLogic accelerated these startups’ product growth trajectories
Sign-up for daily news updates from Technical.ly Baltimore