Cyber Security Company Panaseer Raises $10 Million in Series A Funding Led by Evolution Equity Partners

LONDON and NEW YORK, June 18, 2018 /PRNewswire/ --

Panaseer positioned to accelerate growth with advanced analytics managing and improving cybersecurity risk posture

Panaseer, a cyber security software company, today announced it has secured $10 million in Series A funding. The financing round was led by Evolution Equity Partners with participation from existing investors including Notion Capital, Albion Capital, Winton Ventures and Paladin Capital Group, as well as new investor Cisco Investments.

The Panaseer Platform uses proprietary algorithms to perform 'entity resolution' to create an accurate view of an organisation's assets, such as devices, applications and people. The Platform continuously measures the security of these assets by automatically analysing data from the myriad of security technologies deployed. This gives key stakeholders a live view of risk to those assets, described through a common security framework such as the NIST. 

By combining this asset and control information with vulnerability and threat data, the Panaseer Platform provides full visibility of an organisation's cyber hygiene. This allows clients to do the tough fundamentals of security much better: the Platform delivers out of the box analysis for a range of security use cases, including:

• Smart device inventory
• Vulnerability management
• Patch management
• End point protection
• Privileged access management

In turn, this empowers CISOs to take the best value actions to reduce risk, and report this to key stakeholders - such as the Board - quickly and effectively. This automatic, data driven approach to cyber risk reduction enables organisations to fire-proof rather than fire fight. 

Panaseer was founded in 2014 by a team of computer and data scientists, including Nik Whitfield, who previously led the CyberReveal analytics business. Alongside them is Panaseer's Commercial Director, Albert Plattner, formerly Managing Director at Citigroup Corporate & Investment Bank. Panaseer has 33 employees across two offices in London and New York. Panaseer's total funding to date is $15.6 million, including a $5.6 million seed round in 2017.

Nik Whitfield, Panaseer's Founder and CEO, says: "Organisations are under immense pressure due to high-profile data breaches, disruptive ransomware such as WannaCry and NotPetya, and an evolving regulatory environment, such as the EU General Data Protection Regulation (GDPR). Organisations can never be 100% secure, but they can be 100% sure of their position, and that's where Panaseer's technology comes in. We are solving a major industry pain point that every company in the world needs to address."