Sqrrl Raises $12.3 Million in Series C Funding as Cyber Threat Hunting Surges

Investment will fuel sales team growth to capitalize on demand for threat hunting technology

Cambridge, Massachusetts, UNITED STATES

Cambridge, Massachusetts, June 14, 2017 (GLOBE NEWSWIRE) -- Cambridge, MA, (June 14, 2017) -- Sqrrl, the industry-leading provider of threat hunting solutions, announced today that it has received $12.3 million in Series C funding led by Spring Lake Equity Partners. Jeff Williams of Spring Lake will be joining the Sqrrl Board of Directors. In addition to the new lead investor Spring Lake, existing investors Matrix Partners, Rally Ventures and Accomplice also participated in the round.

“Spring Lake invests in companies with technology platforms that have both a proven track record of customer success and high growth potential,” said Jeff Williams, Spring Lake Partner. “Sqrrl’s Threat Hunting Platform is enabling Fortune 2000 companies and government agencies to detect and investigate threats that have evaded detection. We are very impressed with their pioneering technology and their leading position in the rapidly growing threat hunting market space.”

Over the past year, threat hunting has emerged as a critical security practice for modern security operations centers, demanding enterprise-class software to support it. Various research organizations, such as Gartner, SANS, and 451 Group have cited the importance of hunting as a crucial piece of the security puzzle, emphasizing it as the only way that network defenders can more proactively detect threats. Recent surveys indicate that:

  • 84% of SOCs are involved in threat hunting today in some capacity*
  • 91% say threat hunting significantly improves speed and accuracy of incident response*
  • 88% found threat hunting to considerably reduce cyber adversaries dwell time*

Sqrrl, which has raised $28.5M in total funding to date and doubled revenue year over year for the last 4 years, intends to use the funds to build out its global sales team.

“Threat hunting has become a top-level initiative in organizations with modern security operations, and those organizations have realized the significant advantages that threat hunting offers to reduce their overall security risk.” said CEO Mark Terenzoni. “Sqrrl makes it feasible for any organization to start threat hunting, and we are excited to use this funding to enable even more organizations to move their security operations from a reactive to proactive security posture.”

How to learn more about Sqrrl:

About Sqrrl

Sqrrl is the threat hunting company that enables security analysts to discover advanced threats faster, and reduces the time and resources required to investigate them. Sqrrl’s industry-leading Threat Hunting Platform unites link analysis, advanced machine learning analytics, and multi-petabyte scalability capabilities into an integrated solution. Learn more at http://www.sqrrl.com

* The Hunter Strikes Back: The SANS 2017 Threat Hunting Survey, April 2017.


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