The surge in data thefts in the wake of the pandemic has no doubt raised eyebrows among investors, remote workers and their employers alike. As a result, cybersecurity companies are raking in massive rounds and continue to grow at a rapid pace. San Francisco-based cybersecurity platform Panther Labs is no exception.
The company announced Thursday that it raised $120 million in a Series B round led by Coatue Management. The fresh injection of capital cements Panther’s unicorn status as a valuation of $1.4 billion.
Over the last year, Panther grew its customer base by 300 percent, according to the company. The cybersecurity platform counts tech giants like Dropbox, Snyk and Zapier among its long list of clients.
Panther’s security information event management (SIEM) solution can handle a bevy of digital safety tasks for enterprises. For one, the platform provides companies with a way to both detect suspicious activity in real time and contextualize alerts with event-specific data. With Panther, companies have the option to set a maximum number of alerts to be brought to their attention. In order to reduce noise, the platform can group similar security events together.
These are just a handful of the cybersecurity solutions that Panther offers.
“Rapid cloud adoption has transformed the way businesses operate and security teams are overwhelmed by increasing data volumes and an ever-expanding attack surface,” Jack Naglieri, founder and CEO of Panther Labs, said in a statement. “Legacy SIEM platforms weren’t built for the cloud and can’t deliver the speed, scale and flexibility needed by modern security teams.”
Naglieri previously worked for Airbnb. During his tenure at the hospitality tech giant he built an open-source project called StreamAlert. The project enabled the company’s security team to collect and analyze security logs with a cloud-native engine in an effort to overcome cost and administrative challenges.
This experience laid the framework for Panther Labs and eventually led Naglieri to recruit engineers who worked to address similar challenges at companies like Amazon and Capital One.
“I’ve spent my career working on this problem and built [this company] to help solve the pains of security monitoring at cloud scale.” Naglieri said. “I couldn’t be more excited about our next stage of hyper-growth to empower modern security teams with a modern solution.”
Moving forward, the company will use the fresh capital to accelerate product development and scale support and enablement for its customers. Panther is also looking to expand the size of its team. The cybersecurity platform is now hiring for nearly 20 roles across its engineering, product, customer success and people teams, to name a few.
Panther Labs has raised $140 million in venture capital financing to date, according to the company.
Additional investors ICONIQ Growth and Snowflake Ventures participated in the round, among others.
