Cybersecurity / Funding / Hiring / Startups / Venture capital

Adlumin closed a $70M Series B for its cyber tech

After ranking on the Inc. 5000 list this year, the DC-based managed security firm closed a seven-figure round led by SYN Ventures.

Adlumin CEO Robert Johnston. (Courtesy Adlumin)

With a final $18 million raised, DC cyber company Adlumin has closed its Series B round with $70 million total.

The company announced today that it closed the round, which it first opened in 2021. SYN Ventures led the investment, with additional participation from First In Ventures, Washington Harbour Partners and BankTech Ventures. To date, the company has raised $83 million since its founding in 2016. Adlumin developed a patented security operations platform for mid-market companies and service providers.

With the funds, the company plans to grow its work with small and mid-sized companies in the market in need of managed security. Adlumin initially opened the round with a $25 million investment in 2021, followed by $16.6 million in 2022 and $11 million in July. In 2020, the company raised $6 million in a Series A round. This year, Adlumin also nabbed a spot on the Inc. 5000 list — for the second year running  — ranking at #438.

When the company initially opened the round in 2021, CEO Robert Johnston told this week, he had no idea the company would grow and be able to raise so much.

“It just kept going and just kept getting bigger and bigger, which is great,” Johnston said. “I didn’t expect it, but I certainly am excited that it happened.”

With the funds, the company plans to grow the team — Johnston didn’t have an exact number, but said it would be continuously hiring “tens of positions all over the place.” That includes engineering, data science, security operations, sales and marketing. On the whole, he plans to add customers and partner companies, expand Adlumin’s global reach and refine its existing products.

“Every financing rounds like a shot of adrenaline,” Johnston said. “It reinvigorates the company and begins to manifest itself almost immediately.”

Though the company has raised every year since 2020, Johnston said he has no plans for a Series C in the near future, and it will definitely be a few years before leadership goes looking for capital again. In the meantime, he’s looking at the company’s growth as not just increasing its go-to-market strategy, but bringing a product he’s proud of to more and more people.

“What we look forward to into the future is really just growth,” the CEO said. “Sometimes we’re moving so fast over here, it feels like we’re kicking and running on all cylinders. All cylinders are firing as fast as they can and it’s a good feeling and everyone’s excited and I’m very excited for what the future looks like over the next couple of years.”

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