Cybersecurity / Funding / Startups

Verodin raises $21M Series B, plans international expansion

The company, which makes a platform to measure how a company's cybersecurity tools are working, is planning to open a UK office.

Verodin is kind of like security for your security. (Photo by Flickr user, used under a Creative Commons license)

McLean, Va.–based Verodin closed on $21 million in Series B funding, and is planning to open a new office based in the United Kingdom.

The round was led by TenEleven Ventures and Bessemer Venture Partners, and also included existing investors such as Capital One Growth Ventures and Citi Ventures.

Launched out of stealth mode in 2016, Verodin’s platform measures the effectiveness of cybersecurity tools.  The “Security Instrumentation” platform performs tests and analysis on areas such as endpoint, email, cloud and network.

“Security teams and CISOs need capabilities to provide them with truly actionable intelligence or real-time evidence on what a solution is doing and how they are performing in their specific environment. Without it is the equivalent of flying blind,” Verodin CISO Brian Contos said via email.

Given the simultaneous prevalence of threats and new tools available to prevent and combat them, technology that provides insights on what’s working would seem important to separate out whether a tool is actually providing protection. The knowledge is also important for making business decisions, which is increasingly important as cybersecurity becomes a discussion point at the highest levels of an organization, Contos said.

As Contos put it, “Security is no longer just about cyber risk; it’s about the financial and operational risk from cyber.”

Contos said the platform is used by clients in finance, healthcare, manufacturing and energy, as well as government. The company has been seeing growth among clients in Europe and Asia, and is seeing more demand.

“This demand is driving us to dedicate more resources to EMEA and was a significant factor in our raise. Our plan is to base EMEA operations out of the UK,” where the customer base is growing, Contos said.

The company plans to build a full team in the UK, including customer success, engineering and sales.

Back stateside, the company relocated from Reston, Va., earlier this year.

With the latest funding, Verodin has now raised a total of $34 million.

Companies: Verodin

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