On the 17th of August 2020, Monday, The Chicago-based cybersecurity start-up named Keeper Security has announced the close of its very first equity raise as it was founded back in 2011. The company has received a $60 million of the minority investment from the Insight Partners. The company Keeper aims to further accelerate product innovation and development, along with the expansion of its global customer base. All of these will be done with the funding that it has received.
The company currently boasts of customers in over 100 countries that use its platform for dark web monitoring, password security, single-sign-on integration, secure file storage and security event reporting. The principal at Insight Partner, Thomas Krane, will join the Keeper’s board of directors owing to the result of the investment. Apart from this, no other terms of the secret transaction have been revealed.
Surging Cybersecurity Challenges
The technology platform of the Keeper Security has been used to prevent the data breaches and cyber threats via a digital vault system that are related to the password. Two partners have founded the company namely, Craig Lurey and Darren Guccione. The firm believes that the funding will support the business at a pretty critical stage bearing a changing infosec landscape, which is a result of the Covid-19 or coronavirus pandemic.
Guccione, who is CEO of the start-up, commented: “The past four months have resulted in history’s most pervasive cybersecurity challenge. As businesses have shifted their operations online and people have adapted to remote work and social distancing, cybercriminals have executed their attacks at record rates.”
Furthermore, he has added that this is transforming the cybersecurity industry at a lighting speed that further creates space to safeguard people and businesses, mostly making the situation as an essential one. In the last year, Keeper Security has absorbed 120 more employees for dealing with the growth and expansion of the company. At the same time, the company has experienced that the business continued to grow irrespective of the global economic downturn that is caused by the Covid-19.
“With the support of Insight Partners and the planned synergy, we’re well-positioned to bring new, unique and increasingly critical cybersecurity solutions to new and existing customers, globally,” Guccione said.
Krane of Insight Partners added: “Keeper’s impressive growth and business stability, despite the global pandemic, is driven by its ability to deliver products that exceed their customers’ needs and expectations. We look forward to supporting Keeper in its continued growth.”
Source: Silicon Republic