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CCM platform Panaseer raises $26.5m in series B funding

Panaseer’s total funding to date now at $43m

Panaseer, the Continuous Controls Monitoring (CCM) platform for enterprise security, announced on Wednesday that it has secured $26.5m in series B funding.

The financing round was headed up by AllegisCyber Capital, along with input from existing investors, including Evolution Equity Partners, Notion Capital, AlbionVC, Cisco Investments and Paladin Capital Group, in addition to a new investor, National Grid Partners.

The additional funding brings Panaseer’s total funding to date to $43m.

Panaseer’s CCM platform sets itself apart in correlating data from all security tools to identify missing assets, control gaps, and underperforming controls. The platform enables quick understanding of zero-day and other exposures as they relate to a business.

“The number of data breaches in 2020 broke all previous records, with 43% of businesses suffering a security breach,” Panaseer said in a statement today, while its “CCM technology solves these issues”.

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Jonathan Gill, CEO of Panaseer, commented further on why Panaseer’s CCM platform’s uniqueness: “Most enterprises have the tools and capability to theoretically prevent a breach from occurring. However, one of the key reasons that breaches occur is that there is no technology to monitor and react to failed controls.”

“CCM continuously validates and measures levels of protection and provides notifications of failures. Ultimately, CCM enables these failures to be fixed before they become security incidents, saving time, cost, and allowing businesses to go faster. Our investors are providing further validation of the market so we can enable more enterprises to evolve their cybersecurity at the speed of their business.”

Bob Ackerman, Founder and Managing Director of AllegisCyber Capital, and Co-Founder of DataTribe, added: ‘The emergence of Continuous Controls Monitoring as a new cybersecurity category demonstrates a ‘coming of age’ for cybersecurity. Cyber is the existential threat to the global digital economy.”

“All levels of the enterprise, from the CISO, to Chief Risk Officer, to the Board of Directors are demanding comprehensive visibility, transparency and hard metrics to assess cyber situational awareness. Panaseer has demonstrated itself as the leader in this critical new category and we are excited to be working with the team to further advance its leadership role in this essential market.”

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