Reston, Virginia-based asset intelligence startup Hubble this week announced the close of a $9 million seed round that anticipates plans for a new office and engineering hires.
The raise, the close of which was announced this week, was led by Paladin Capital Group with additional participation from existing investor Accel, CrowdStrike‘s Falcon Fund and a group of cyber executives. The funds build off the company’s growth from 2021 and will support business and staff expansion.
Tom Parker, the company’s CEO, said that the startup has spent the last year trying to understand the market and where Hubble’s technology fit in.
“We feel really good about where we’re at from a product standpoint, and now it’s time [to be] really scaling and executing on a more meaningful go-to-market,” Parker said.
Hubble, which was founded in 2020, created an agentless SaaS platform that gives an overview of a company’s assets, data and digital presence. Parker said that this asset visibility helps reduce and manage risk by providing information on who is accessing sensitive data and from where. The system also helps companies understand their legacy IT environments.
With the new funds, Parker and the 11-person team plan to expand the company’s engineering staff in DC, with plans to reach a headcount of 20 engineers by year’s end. Hubble is also opening a new office in Reston’s town center and plans to scale the business after some international demand.
As the company grows, Parker said he hopes to see more collaborations and consolidation in the cybersecurity industry. He noted that many startups focus on a single endpoint solution, and he hopes to see cyber engrained in more parts of a business as the need increases.
“Founders of startups [often] have a very narrow mindset around, ‘I’m going to solve this particular piece of the problem,’ whereas we see this as a more holistic solution,” Parker said. “A lot of the people we’re talking to right now aren’t even in cybersecurity. They’re in IT, they’re even in finance because if you think about the problems of asset viability, it touches the whole organization.”
Parker’s perspectives have him looking at funding even more in 2023.
“We were moving relatively slowly last year,” Parker said. “This year is all about establishing business-proof points that we can then leverage to further expand, with potential additional fundraising activity towards the end of next year.”
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