ObserveIT announced it closed $33 million in Series B funding. The investment round includes participation from Bain Capital Ventures, Spring Lake Equity Partners and NightDragon Security, the cybersecurity investment firm founded by industry veteran Dave DeWalt.
The funding will be used to accelerate innovation for ObserveIT’s insider threat management solutions and to expand ObserveIT’s sales and marketing teams to support the company’s growth. This will enable the company to fulfill the demand for its threat detection solution across the globe.
“Whether accidental or malicious, insider threats are increasing in both frequency and cost,” said Mike McKee, CEO of ObserveIT. “Our recent momentum is a testament to the market’s need for a holistic cybersecurity solution which swiftly identifies and eliminates these risks – with real-time visibility, detection, and prevention. We look forward to continuing our mission of bringing the best insider threat capabilities to market, to protect organizations around the globe.”
ObserveIT has recently achieved milestones including adoption of the latest version of the company’s insider threat management solution, ObserveIT 7.5. In the past 12 months, the company increased customer deals by 185 percent year-over-year while also increasing new customer deal size by more than 250 percent year-over-year. The company continues to achieve a high support Net Promoter Score – increasing to 76 – reflecting deep customer loyalty, continued confidence and overall support.