U.S. cyber security company Lastline Inc has raised US$28.5 million in a Series C financing. The round was led by Thomvest Ventures, the Silicon Valley venture capital firm of Peter Thomson, a member of Canada’s Thomson family. Existing investors, including Osage University Partners and Redpoint Ventures, also participated, as did several strategic investors. Lastline develops technology to help protect enterprises from data breaches caused by advanced malware threats. The Redwood, California-based company will use the funds raised to accelerate its next phase of growth.
Lastline Secures $28.5M in Latest Funding Round Led by Thomvest Ventures
Financing and new board members sharpen focus on sustaining explosive growth.
July 11, 2017
REDWOOD CITY, Calif.–(BUSINESS WIRE)–Lastline, Inc., the leader in advanced malware protection, today announced it has secured $28.5 million in its latest round of funding led by Thomvest Ventures. The round also includes investments from Osage University Partners, Redpoint Ventures and other current investors, and strategic investors Barracuda Networks, Inc., NTT Finance Corporation, and WatchGuard Technologies, Inc. The Series C funding will be used to accelerate the company’s next phase of growth driven by an aggressive go-to-market strategy that focuses on sales and marketing expansion and bolstering its development organization to deliver on its vision of breach detection.
Coinciding with its growth capital round, Lastline is augmenting its board of directors with two new members. Joining the Lastline board are Thomvest Ventures Partner Umesh Padval and AlienVault President & CEO Barmak Meftah. The new additions bring extensive operational experience, strength, and insight as the company continues to build on momentum that has seen 100 percent annual growth since its flagship product, Lastline Enterprise, was first introduced in 2013.
“This powerful endorsement from the investment community speaks to the market need for a solution that delivers exceptional enterprise security at dramatically lower costs,” said Christopher Kruegel, co-founder & CEO, Lastline. “Our investors recognize the significant opportunity in front of us and believe that Lastline is positioned for phenomenal success. This funding, strengthened board, and the resulting growth will solidify Lastline as the leader in advanced breach detection.”
Despite massive investments, enterprises continue to suffer data breaches caused by advanced malware. Lastline already is filling that gap with a proven solution that detects advanced malware, regardless of evasion techniques, and analyzes network activity to detect malware already active on a company’s network.
“We are excited about our investment in Lastline,” said Umesh Padval, Partner at Thomvest Ventures. “Legacy malware detection solutions are both ineffective at stopping today’s sophisticated threats and are too expensive to deploy and maintain. Lastline is well positioned for success in the market with its superior technology that provides unparalleled visibility and detection of the most advanced and evasive malware at a very compelling cost and an ease of deployment for the customers.”
Lastline’s initial success was achieved through integrations with market leading security technology providers, and the company continues to reap the rewards of those relationships. In 2016 the company expanded its distribution model to include direct sales to enterprises worldwide, resulting in enhanced brand reputation and accelerated revenue growth.
“Lastline’s vision, demonstrated market success, and efficient business model have made the company a true market leader,” said Barmak Meftah, president & CEO, AlienVault. “This is validated by extraordinary success selling direct to enterprise customers as well as the tens of thousands of customer deployments resulting from their OEM relationships. I look forward to helping Lastline deliver on its vision of protecting against data breaches and strengthen its position in the market.”
Lastline Enterprise is widely acknowledged as the industry’s most effective advanced malware detection and protection solution. NSS Labs’ 2016 Breach Detection Systems Test recognized Lastline as the only breach detection offering they have ever tested to achieve 100-percent detection effectiveness with zero false positives. And The Forrester Wave™: Automated Malware Analysis Q2 Report identifies Lastline as the strongest current offering on the market.
Lastline provides advanced malware protection that is innovating the way companies protect themselves against advanced persistent threats, targeted attacks, and evasive malware. Lastline provides the threat visibility and context needed to respond quickly and effectively to malicious activity before damaging and costly data breaches occur. Headquartered in Redwood City, California with offices throughout North America, Europe and Asia, Lastline’s platform is used by Global 5000 enterprises, offered directly and through global managed security service providers, and integrated into the solutions of leading security technology vendors worldwide. www.lastline.com
About Thomvest Ventures
Thomvest Ventures is a venture capital firm that is committed to the success of our entrepreneurs. Thomvest makes investments in companies that leverage disruptive technologies and business models to pursue high-growth opportunities in the security, fintech, and adtech markets. The capital we invest is our own, enabling us to be more creative, flexible, strategic and patient than most investors. It takes time to build great companies and Thomvest is committed to supporting its entrepreneurs throughout their journey. To learn more about Thomvest Ventures, please visit us at www.thomvest.com.
About Osage University Partners
Osage University Partners is a venture capital firm focused on investing in startups that are commercializing pioneering university technologies. Osage partners with top research universities to invest in their most innovative startups, and Osage shares its investment profit with its partner institutions. The firm invests in software, hardware, and life science companies at all stages of company development. Osage has partnered with 90 universities, including 36 of the top 50 U.S. institutions by research expenditures, and has invested in over 70 of their spinouts. Osage University Partners is part of a family of investment funds within Osage Partners, which is based in Philadelphia, PA and manages in excess of $500 million. For more information, visit www.osageuniversitypartners.com.
Noe Sacoco, 408-340-8130
Photo courtesy of Lastline Inc