Federal Hill’s ZeroFOX raises $74M round led by Intel Capital

Federal Hill-based ZeroFOX raised $74 million in new funding as the cybersecurity company is planning to continue international expansion, CEO James Foster said.

The oversubscribed funding round was led by Intel Capital, which is the investment arm of storied tech company Intel. It also included participation from existing investors including NEA, Highland Capital Partners, Redline Capital Management, Hercules Capital and Core Capital. It follows a $40 million Series C round in 2017, and brings the company’s total outside funding raised to more than $160 million.

ZeroFOX started in 2013 with cofounders Foster and Evan Blair based out of Betamore, and began with a focus on social media cybersecurity. It has since moved to a headquarters at a former Pabst plant in the South Baltimore neighborhood, and opened offices in the U.K., Chile and India. Working with enterprise customers, it now has clients in 50 countries.

The company has also expanded the focus of its technology to help enterprise businesses protect any information that leaves the perimeter of its own company’s protections. That includes platforms like Slack, productivity platforms like GSuite and Office365 and mobile app stores. Foster said email was another area where it has been expanding.

“We’re providing visibility across the open internet,” he said.

Along with the investment, ZeroFOX is also collaborating with Intel on using AI in the cloud, and will be joining the company’s AI Builders Program.

Along with continuing to develop its technology, the company is looking to continue to expand the team that now includes 250 people. He said the company has more than 50 open positions currently.

ZeroFOX typically works with customers that Foster characterized as “modern businesses” which have embraced technology both to provide tools for their employees and to find customers. It is also finding traction in providing security as companies invest in digital transformation initiatives.

Foster characterized as the funding round as another milestone on the way toward the company’s eventual goal of an initial public offering.

“We’re closer now than we’ve ever been,” he said.

And as the company grows globally, Baltimore remains key to the company’s equation. In fact, there appreciates the chance to show off the city, as Foster did recently with a potential new employee from Austin.

“The bigger we get, the more opportunities we have to fly people to Baltimore and show them what this city is really like,” he said.