Lumu Raises $30 Million Series B to Optimize Security Operations for Enterprises and MSPs
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New funding to accelerate company growth as the market recognizes the need to move away from legacy SecOps practices
MIAMI, Fla., September 27, 2023-- Lumu, creators of the Continuous Compromise Assessment cybersecurity model that enables organizations to operate cybersecurity proficiently, today announced it has closed a $30 million Series B round led by Forgepoint Capital, with participation from existing investors BIP Ventures, Exceptional Capital and SIMMA Capital. Forgepoint Capital Managing Director Leo Casusol will join the Board of Directors. The new investment brings the total funding raised to $38 million.
As point solutions proliferate, enterprises and MSPs are left to navigate a patchwork of technologies - an unfocused mix that is ineffective at stopping attacks. Ransomware payouts are on track to reach almost $900 million, the second highest year ever amid high-profile exploits including MOVEit. Lumu continuously monitors network traffic in real time, providing unified visibility across all assets (endpoints, servers, clouds, OT and IoT)- taking a simplified and streamlined approach that empowers analysts to more effectively identify and automate responses to network threats using their current security stacks. As a result, security and risk professionals can minimize the impact of cybercrime in organizations of all sizes and verticals.
"Zero trust deployments have been challenged with limited visibility into threat actors affecting users beyond the traditional defenses," said Casusol. "Lumu brings these attack vectors to light, easily integrates with other defense tools and provides real-time compromise visibility across all stages of the kill chain. Lumu allows businesses to address threats, contain lateral movement, improve security posture and scale the impact of their security teams without adding extra headcount in a tight talent market."
"SOC analysts face soaring alert volumes and false positives amid high-pressure situations where small mistakes have severe consequences," said Ricardo Villadiego, founder and CEO of Lumu. "I founded Lumu with the belief that a paradigm shift was needed in cybersecurity and I'm thrilled to see the market and investors recognizing our network-centric approach to threat detection and response, as well as security analyst-focused experience."
The new round is earmarked to expand the company's global sales and go-to-market strategy. In addition, Lumu will ramp up its research and development efforts to further advance differentiation in a market historically dominated by ineffective legacy tools. Recently ranked a leader by Forrester in network analysis and visibility and by GigaOm in network detection and response, Lumu is now focused on getting its industry-validated solution into the hands of more resource-strapped security teams in need of proven solutions to effectively address the challenges of a complex threat landscape.
Miami-based Lumu is founded and led by Ricardo Villadiego, a successful second-time founder who is part of the SoftBank Opportunity Fund's community of visionary Black, Latinx and Native American entrepreneurs.
To learn more about Lumu, visit www.lumu.io.
Headquartered in Miami, Florida, Lumu is a cybersecurity company focused on helping enterprise organizations illuminate threats and isolate confirmed instances of compromise. Applying principles of Continuous Compromise Assessment™, Lumu has built a powerful closed-loop, self-learning solution that helps security teams accelerate compromise detection, gain real time visibility across their infrastructure, and close the breach detection gap from months to minutes. Learn more about how Lumu illuminates network blind spots at www.lumu.io.
About Forgepoint Capital
Forgepoint Capital is a leading cybersecurity and digital infrastructure venture capital firm that invests in transformative companies protecting the digital future. With $1B+ AUM, the largest sector-focused investment team, and portfolio of nearly 40 companies, the firm brings over 100 years of proven company-building experience and its Advisory Council of more than 90 industry leaders to support entrepreneurs advancing innovation globally. Founded in 2015 and headquartered in the San Francisco Bay Area, Forgepoint is proud to help category-defining companies reach their market potential. Learn more at www.forgepointcap.com.