Panaseer Raises $2.25 Million Seed Investment
Cybersecurity software company, Panaseer, has successfully raised $2.25 million through a syndicated investment round. The investors include Albion Ventures, Notion Capital, Winton Technology Ventures C5 Holdings, and Elixirr.
“We are delighted to be a part of this seed investment round,” Stephen Newton, Founder & Managing Partner of Elixirr said. “We love to invest in game-changing companies and the insight Panaseer can provide to enterprises is unrivalled. We know from our clients that cyber security is a big topic around the boardroom table at the moment and we are looking forward to seeing Panaseer join these conversations.”
Panaseer uses the latest data science techniques to help major corporations answer the question, “How Secure are We?" The company has built a platform which analyses the data provided by all the different cyber security solutions and provides a visual interface to drill down into and understand this information, and so inform board-level decisions on the allocation of security budgets or weaknesses in cybersecurity policies.
“Recent high profile hacks have shot cyber security to the top of company’s risk concerns and major enterprises are only too aware of the threats they might face from the various hacking groups who target them,” Nik Whitfield, CEO of Panaseer said. “New Big Data technologies such as the Panaseer Security Data Lake allow us to analyze this cyber-relevant data to produce previously unobtainable insight.”
A key trend to note is that cyber crime has latterly become highly sophisticated: advanced tools that were previously the domain of national espionage have filtered down to the criminal world, with organized gangs behind highly targeted attacks to steal cash and trade secrets from multi-national enterprises.
“Cyber security has become a central question for boards and CEOs, and Panaseer is perfectly placed to deliver security insights to key decision makers while ensuring that IT managers optimize security spending around solutions that deliver proven value,” Daniel Freeman, C5 Accelerate said.
Panaseer was founded in 2014 by Nik Whitfield and a team of cyber security experts from BAE Systems. It is one of a new wave of UK cyber security start-ups working with commercial enterprises and was selected to accompany Prime Minister David Cameron to Washington DC earlier this year as part of a cyber-security delegation. Panaseer has since signed its first New York based Financial Services client.