ProtectWise Gets Another Round of Funding
A lot of innovation is happening in the cloud, and much of it is coming from startups. Fortunately, venture capitalists understand the importance of cloud innovation and the role of startups in a cloud ecosystem, and this is why these startups get a reasonable amount of funding to continue their operations. The latest cloud startup to get a $25 million funding is ProtectWise, a cloud security company based in Denver, Colorado. Investors who participated in this round of funding include Top Tier Capital Partners, Tola Capital, Arsenal venture Partners, and a few other unnamed venture capitalists. With this round of funding, the total amount of capital raised by the company so far has touched $67 million.
This company was founded by Scott Chasin and Gene Stevens in 2013 to provide the highest possible levels of visibility on any network. With about 70 employees, this company has grown rapidly over the last three years. Its flagship product, ProtectWise Grid, records all networking activity that happens in your organization’s internal and external network, including the cloud system where your data is stored and the network through which it is accessed. This information is indexed and analyzed to identify any breaches, or even threats, so that it can be fixed at the earliest. In many ways, this product acts as the CCTV camera of your organization’s network, and it can even be rewound to see how and when a hacker entered your network.
Such information can be invaluable in today’s business network, as there is a marked increase in the number of hacking incidents. According to a report titled Global State of Information Security, and released by Pricewaterhouse Coopers, there has been a 38 percent increase in breaches during 2016 when compared to the previous year. This includes a 28 percent increase in cloud architecture and mobile device breaches. This situation is not expected to improve in 2017, according to the same report, and this means, businesses are looking for ways to protect their network in every way possible.
Given this scenario, it’s no surprise that companies like ProtectWise are getting the funding to continue their operations. Though this approach to cyber security has been tried in the past, what makes ProtectWise Grid unique is that all this protection happens in the cloud, as this is where visibility is the lowest. Typically, network recording appliances in the cloud are stored on large storage systems that takes many months to analyze. As a result, it’s hard to find breaches as they occur, and sometimes, it’s identified only after much data has been lost. To avoid such a situation, ProtectWise is based on advanced algorithms that analyze massive amounts of data within a short time, so breaches and vulnerabilities can be identified at the earliest. It breaks down complex data into small and manageable blocks, so that it’s easy to analyze.
Let’s hope this product can break many of the barriers that exist in cloud security and provide us with a clean and efficient system for protecting data.