Prevalent, a security firm that manages data risk, has closed on $60 million in Series C funding led by Insight Venture Partners, a private equity and venture capital firm. Prevalent said the new funding will be used to expand its strategy globally and for product development.
The $60 million comes on top of $8 million in Series B funding it received in January led by Spring Mountain Capital.
The Warren, N.J.-based company, which was founded in 2004, helps small and mid-size companies reduce and monitor security threats and risks that potentially can occur when outsourcing to third-party vendors. The company estimates that about 63 percent of all data breaches are because of third-party vendors that are processing data and have access to systems.
Prevalent claims that more than 200,000 vendors use its Synapse product to manage their third-party risk.
Security is an area that is attracting funding from investors as many companies are looking to improve security as the number of breaches proliferate. Plus, security companies don’t have the luxury of building slowly because the market is evolving so quickly.
SDxCentral recently compiled a list of the companies that received the largest amounts of funding in 2016 – the largest of which was $52 million. Prevalent’s funding announcement today would beat that.