Reston-based cybersecurity firm ThreatQuotient just closed on $30 million in series C fundraising, bringing their total raised to $54 million since the company was founded in 2013.
“The vision is to be the next great cybersecurity company,” ThreatQuotient CEO John Czupak told Technical.ly DC. “We’ve got an enormous opportunity in front of us. This part of the cyber market is emerging, but is moving very quickly. We’re a 65 person company today. We intend to expand across the board.”
The global cybersecurity market is projected to reach $174 billion by 2022, nearly a three-fold increase from $58 billion in 2012.
Czupak, who joined ThreatQuotient in 2015, is no stranger to the industry. He founded five cybersecurity firms, including Sourcefire, which Cisco bought in 2013 for $2.7 billion. He said that the company is going to heavily invest in the engineering side of the business, expand the sales and marketing team and international operations in Singapore and Germany. The company already has offices in London and Paris.
“This is a really big deal for us to secure this financing round. It’s going to give us the capital to really ramp up the business in a big way,” Czupak said. “What the market is demanding in this world of threat intelligence is a peak visibility into all of the data as well as a deep level of controls and tools that the operator has access to.”
ThreatQuotient’s security operations and management platform is designed for larger firms and government clients. The latest financing round was led by Adams Street Partners, and included investments from Cisco Investments, NTT DOCOMO Ventures, Inc., New Enterprise Associates and Silicon Valley Bank.
Fred Wang of Adams Street Partners is joining ThreatQuotient’s board of directors with the new funding.
“Organizations today are working harder than ever to understand and prioritize threat intelligence. Most realize a platform is needed and ThreatQuotient is a market leader delivering the industry’s best solution,” Wang said in a statement.