SenseOn, UK headquartered cybersecurity company has announced its $20m Series A funding round to scale its cloud native AI cybersecurity platform. The fundraise follows a year in which the company grew by more than 350%. The round was led by Eight Roads Ventures and was supported by existing investors MMC Ventures, Crane Venture Partners and Winton Ventures Limited.
This fundraise comes at a time when hacks and breaches are proliferating - with the total number of records compromised in 2020 exceeding 37 billion, a 141% increase compared to 2019 - and the rise in ransomware means attacks on even the smallest companies can be readily monetised. Despite many new cybersecurity tools coming to market, malicious actors still remain undetected because these disparate tools individually protect only specific parts of an organisation’s digital estate and are unable to connect the dots.
Founded in 2017 by David Atkinson, the first cyber specialist in the United Kingdom’s specialist military units, SenseOn brings together cybersecurity experts, former government cyber operatives and applied machine learning specialists.
SenseOn improves cyber team productivity with more effective and faster investigations, and it also reduces costs for its clients by consolidating point solutions and deploying 15x faster. The fresh capital will accelerate SenseOn’s ambitious mission through further R&D, as well as scaling its go-to market team. To support this next phase of growth SenseOn welcomes veteran software go-to-market leader Jeremy Duggan to its board. Jeremy has previously taken three SaaS companies - AppDynamics, Bladelogic and Ascential - to unicorn status.
CEO of SenseOn, David Atkinson commented: “We are facing a new reality whereby attackers are advancing more quickly than legacy approaches can keep up with, but hybrid and multi-cloud environments are far more complex than we yet know how to defend. Added to this, the volume and speed of data is beyond what legacy architecture was ever designed to handle. We chose to partner with Eight Roads Ventures because of its ability to support SenseOn’s vision, thanks to its collaborative partnership style, strong knowledge of the cyber industry and its global footprint.”
Jeremy Duggan added: “After meeting Dave and learning about his personal story and the incredible business he is building, I was thrilled to become a board member and play a part in this special company. The product is genuinely market leading, the market is huge, and the people in the team are hugely passionate and intelligent. SenseOn has the potential to become another outstanding UK tech unicorn and it's incredibly exciting to be a part of that.”