San Francisco-based security company RiskIQ announced that it raised $30.5 million in a Series C round of funding led by Georgian Partners and existing investors Summit Partners, Battery Ventures, and MassMutual Ventures. This round brings the company’s total funding to $67.5 million.
Georgian Partners has a heavy interest in applying analytics and machine learning to security, while the others will help with marketing strategies, says Lou Manousos CEO and co-founder of RiskIQ.
The company plans to use the funding to build an ecosystem on top of its RiskIQ platform, allowing other security companies to use the breadth of its data and analytics. RiskIQ will also be developing additional applications on its platform to make it easier for companies to adopt its risk management program.
The RiskIQ platform has three fundamental capabilities — discovery, threat detection, and investigation and response, Manousos says. The platform gathers data based on endpoints, IP addresses, social media profiles, mobile apps, Internet of Things (IoT) devices, and any asset exposed to the Internet.
The platform is essentially a database of information that uses machine learning to gather analytics to help businesses make quick decisions.
“Part of the problem is if you don’t have the data, you’re stuck,” Manousos says. “Other security companies focus very narrowly on protecting endpoints and the perimeter. Attackers can easily access the perimeter because they don’t need to hack the firewall and can create a decoy asset that would have the same effect and creates this big loophole in the traditional perimeter, causing a much broader security market.”
RiskIQ has more than 13,000 users on its platform and targets customers in retail, healthcare, government and financial services. It also has some big-name customers like Facebook, DocuSign, and UnderArmour. There are currently about 145 employees in the company.