Swimlane Raises $23M of Series B Funding from Leading Energy Sector Venture Firm, Energy Impact Partners
Independent leader in SOAR market set to accelerate growth and global expansion
DENVER, May 30, 2019-- Swimlane, a leading independent security orchestration, automation and response (SOAR) vendor, announced it has raised an additional $23 million of a Series B financing round from Energy Impact Partners (EIP), a leading utility-backed energy investment and innovation firm. This brings Swimlane’s total raised capital to $35 million and will support Swimlane’s core mission of enabling any organization to be more secure through automation and collaboration.
Swimlane will leverage the investment to accelerate its rapid innovation of best-in-class SOAR capabilities, expand global alliances and continue to improve collaboration across organizations and sectors.
A pioneer in the SOAR space, Swimlane was designed by security analysts to help security teams tackle the real-world, day-to-day work required to safeguard against the ever-growing number and increasing complexity of cyberattacks. Swimlane can automate 80%-90% of the incident response process, freeing teams to focus on the work required to protect against new and legitimate threats and avoid the potentially catastrophic consequences of unaddressed alerts. Swimlane’s extensible platform easily interfaces with an organization’s existing tools while allowing users to better comply with data breach laws and regulations across multiple verticals.
“The sheer volume of threats, shortage of available security talent and lack of integration between existing security and IT products creates an almost impossible situation for the modern security ops team,” said Cody Cornell, co-founder and CEO of Swimlane. “Swimlane is built for organizations looking to alleviate the pain of being understaffed and overworked, improving staff retention by moving away from reactive mundane tasks, and ultimately, creating a more proactive, effective and secure organization.”
EIP is a multicorporate venture capital firm that partners with some of the world’s leading energy and utility companies as its strategic investors, and through a collaborative engagement model, works to connect them with relevant companies in their portfolio and across the energy and utility sector.
“We look for companies with the proven ability to execute globally across vertical markets and ultimately transform how businesses operate — and Swimlane fits firmly in this category,” said Sameer Reddy, EIP partner. “Security teams across the world face the same two foundational challenges – a lack of qualified staff and too many point solutions to manage and operate well. As the leading independent SOAR provider on the market, we have heard directly how Swimlane helps resolve these organizational inefficiencies and streamlines the way industries respond to incidents, adhere to regulatory compliance mandates and mitigate the risk of cyberattacks for their customers.”
“Swimlane is thrilled to be working with EIP to extend our mission to improve the quality of life for security analysts and operations teams alike. This latest investment allows us to do that by building even better solutions, developing stronger alliances and bringing our products and services to new global markets and verticals,” said Cornell. “The protection of critical infrastructure is a key concern of organizations and countries around the world. Having a partner that understands the need and urgency of getting automation into the hands of as many teams as possible is incredibly exciting.”
Swimlane leverages collaboration with partners, customers and the industry at large as a core component of its business strategy. It partners with industry leaders through its Technology Alliance Program, which the company established to support integrating Swimlane solutions with other technologies to better assess and manage potential threats. To date, Swimlane has developed over 800 active integration points with other leading security products. Through its free community, SecOpsHub.com, and content sharing site, AppHub, Swimlane enables customers and non-customers alike to collaborate to solve new and difficult security problems. Swimlane also actively supports organizations, projects and events aimed at developing the next-generation of security experts.
The latest funding comes as a result of significant growth of Swimlane in the SOAR marketplace. Revenue has grown 544% since 2017, and Swimlane doubled its staff size in 2018. Supporting hundreds of organizations directly and through managed service security providers (MSSPs) globally, Swimlane is poised to grow its already diverse group of customers globally in the energy, finance, retail and government sectors.
Please visit Swimlane’s website for more information or to request a demo.
Swimlane is at the forefront of the growing market of security orchestration, automation and response (SOAR) solutions and was founded to deliver scalable and flexible security solutions to organizations struggling with alert fatigue, vendor proliferation and chronic staffing shortages. Swimlane’s solution helps organizations address all security operations (SecOps) needs, including prioritizing alerts, orchestrating tools and automating the remediation of threats — improving performance across the entire organization. Swimlane is headquartered in Denver, Colorado, with operations throughout North America and Europe. For more information, visit www.Swimlane.com.
About Energy Impact Partners
Energy Impact Partners (EIP) is an investment firm focused on the conversion of the energy industry towards a decarbonized, decentralized, digitized and electrified future. EIP brings together leading innovators with some of the world's most valuable, forward-looking energy and operating companies to create a cleaner, more secure and resilient future. Through close collaboration with its investor base, EIP connects the best companies, buying power and vision in the industry to bear on the emerging energy landscape. EIP’s utility partners include Southern Company, National Grid, Xcel Energy, Ameren, Evergy, Fortis Inc., AGL, Avista, MGE Energy Inc., TEPCO, PTT Public Company Limited, OGE Energy Corp., TransCanada, and Alliant Energy. For more information, visit www.energyimpactpartners.com.
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