Cloud security firm Panther Labs raises fresh funds at $1.4 bln valuation

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December 2 (Businesshala) – Panther Labs raised $120 million in new capital, valuing the cloud-based security analysis platform at $1.4 billion, as part of an early-stage financing round led by investment manager Coteau.

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The Series B funding includes investments from ICONIQ Growth, Snowflake Ventures, Lightspeed Venture Partners, S28 Capital and Innovation Endeavor, according to a statement seen by Businesshala ahead of the announcement.

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A high incidence of data theft since the pandemic has fueled investor interest in the technology and software sector this year, helping startups receive higher valuations.

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The latest round brings total funding for Panther Labs, which detects and responds to suspicious activity in real time, to $140 million.

Chief Executive Officer Jack Nagieri said the pandemic played a part in the rapid adoption of its services. Panther Labs has grown its customer base by 300% in the last year.

The San Francisco-based company counts file-sharing service provider Dropbox Inc. (DBX.O), web app automation firm Zapier and cyber security software startup Snitch as its customers.

Last week, Web development software startup Versailles doubled its valuation to $2.5 billion, led by GGV Capital and backed by Accel, Tiger Global and Salesforce Ventures.

Automation software Workato was valued at $5.7 billion in a fundraise this month, and cloud software platform ActiveKampine raised funds earlier this year at a $3 billion valuation.

Nagieri told Businesshala: “The market was starving for a new platform to solve security monitoring challenges such as high cost, difficulty scaling and scalability, and the shift to remote working made those challenges even worse. “

Panther Labs plans to use the latest funding to accelerate product development and expand adoption of the company’s products.

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Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini Ganguly

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