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Cloud security analytics platform Uptycs today announced it has raised $50 million in a series C funding round led by Norwest Venture Partners, bringing the Waltham, Massachusetts-based company’s total raised to $93 million.
In a 2017 Deloitte survey, only 42% of respondents considered their institutions to be extremely or very effective at managing cybersecurity risk. The pandemic has certainly done nothing to alleviate these concerns. Despite increased IT security investments companies made in 2020 to deal with distributed IT and work-from-home challenges, nearly 80% of senior IT workers and IT security leaders believe their organizations lack sufficient defenses against cyberattacks, according to IDG.
Launched in 2016, Uptycs’s platform enables endpoint and cloud security orchestration from a single dashboard. The solution uses a telemetry-powered approach to address multiple use cases, including extended detection and response, cloud workload protection, and cloud security posture management.
Uptycs pairs the open source endpoint agent Osquery with a security analytics framework to provide a view for intrusion detection and vulnerability management across Linux, macOS, Windows, containers, and cloud workloads. Uptycs collects, aggregates, and analyzes endpoint telemetry and, using SQL, transforms it into dashboards, reports, and alerts.
The global endpoint security market is anticipated to reach $15 billion by 2026, Statista reports. A 2021 Forrester study found that 76% of enterprises have increased their use of endpoint devices since the beginning of the pandemic to support their remote, work-from-home, and hybrid workforces. According to the same research, 66% of enterprises believe securing their infrastructure requires a more focused, proactive approach to endpoint resilience that doesn’t leave endpoint security to chance.
“Recent global events have accelerated the adoption of cloud services and cloud-native approaches to improve resiliency, thereby permanently changing the attack surface. Data doesn’t live solely on the corporate network; productivity endpoints are mobile; production workloads are elastic and distributed across clouds; identity and access management has morphed into today’s firewall; and sensitive data lives in cloud-based apps like G Suite, Salesforce, and GitHub,” Uptycs CEO Ganesh Pai said in a press release. “It’s a completely different challenge to secure these attack surfaces, and we’re innovating to deliver a comprehensive solution. This round will help us continue to evolve our platform to enable enterprises worldwide to secure their endpoint and cloud resources both proactively and reactively.”
Uptycs’ funding follows three years of “triple-digit” growth, according to Pai. The company’s customer roster includes Fortune 500 and FinTech firms like Comcast Security, Flexport, and Lookout.
“After a thorough evaluation by our security engineering team, Uptycs was deployed on a large scale as a key component of our security posture,” Comcast Security VP Leon Li said in a statement. “The Uptycs platform provides a broad set of security capabilities with instant endpoint and asset visibility that powers detection and response, as well as compliance and governance.”
Sapphire Ventures and ServiceNow Ventures also participated in Uptycs’ latest funding round.
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