News: New investor will also join the board.
Digital Shadows has announced that it has closed a Series B funding round of $14m.
The investment round was led by Trinity Ventures, and the firm’s general partner Fred Wang will join the cyber situational awareness provider’s board of directors. Paladin Capital was also a new investor in this round.
Wang said: "Given Trinity’s long and successful history of investing in the cybersecurity market, we understand how cyber situational awareness has become critical for enterprises."
Digital Shadows flagship product is called SearchLight. It is a scalable data analysis platform that allows security professionals to take an overview of their organisation’s digital footprint, as well as build a profile of the attacker. It now monitors 100m data sources in 27 languages across both the visible and dark web, as well as other web sources.
"Digital Shadows’ remarkable growth and the rapid adoption of its SearchLight offering by large enterprises impressed us, as did its strong management team," said Wang. "Trinity’s investment will help Digital Shadows capitalize on the widespread demand for a solution that provides buyers with a ‘beyond the boundary’ view of their organizations."
Digital Shadows CEO and Founder Alastair Paterson said that the new investors, alongside the addition of Wang to the board, "will be an invaluable partner as we continue to aggressively grow our business globally."
He said that that the latest "round will help us accelerate both development and hiring of cyber security talent, so that we can continue to empower our clients to achieve cyber situational awareness."
In February 2015 the firm raised an $8m Series A round. In a blog welcoming the new investment, Paterson said that his firm has seen 300% growth and has doubled its team since that round.
The Series A round was led by Storm Ventures who participated once again in this round, alongside other previous investors TenEleven Ventures, and Passion Capital.
Eileen Burbidge, a partner at Passion Capital, branded Digital Shadows a UK tech success, and said: "We first invested in DigitalShadows at its seed stage because of its unique approach to the market, providing truly relevant threat intelligence as part of a much broader offering that reduces the risk and burden of its customers. Its rapid expansion into the U.S. market, and client growth across broader Europe, has given us more than enough confidence and we are thrilled to further invest in the business."
Digital Shadows has its headquarters in both London and San Francisco. It is not the only UK based cyber security firm to receive investment in recent times. In December 2015 Avecto, a Manchester based endpoint security software provider, announced a $32m investment from JMI Security.