Swimlane, a leader in automated incident response and security orchestration, today announced it raised an additional $3 million in funding completing a total of $6 million in Series A funding led by a private group, including a mix of Colorado-based angel investors and industry experts. Founded in 2014, Swimlane landed the funding based on the growing need for automation and security orchestration tools for overburdened enterprise IT organizations to quickly react to cyber security threats, as well as a strong customer portfolio that includes Fortune 1000 enterprises, large US Federal agencies and MSSPs. The market need is apparent, as Swimlane has seen strong year-over-year growth in 2016 of over 130 percent. The funding will be used to further accelerate growth through expanded sales and marketing, and additional software development resources to drive innovation.
"This funding supports our long-term growth plans as we build upon our position as a leader and innovator in automated incident response and security orchestration market", said Cody Cornell, CEO and founder of Swimlane. "Growing our research and development team will allow us to innovate faster without compromising our commitment to quality for our existing and future customers. Growing the sales and marketing organization will ensure that we maintain our competitive edge as we continue to ramp up sales activity to handle the fast growing demand within the market."
As the volume of cyberattacks continues to rise, security administrators struggle to keep pace by manually performing repetitive and time-consuming tasks to track, mitigate and resolve security events across multiple platforms enabling organizations to respond in real-time. In fact, research by the Ponemon Institute finds that the average security operations team receives 17,000 alerts every week, but is only able to investigate 29 percent of them. With more than 209,000 cybersecurity positions open in the U.S., 2015 analysis of Bureau of Labor statistics by the Peninsula Press, a project by the Stanford University School of Journalism, the need to automate and streamline IT security processes continues to rise.
Swimlane helps organizations maximize existing resources by automating time-intensive, manual processes and operational workflows across the security infrastructure in real-time. Its API-first architecture provides the extensive out-of-the-box integrations, prepackaged workflows and playbooks organizations need to quickly orchestrate and manage all alerts throughout the entire security infrastructure. Swimlane provides immediate value through powerful analytics, real-time dashboards and key performance metrics to maximize the incident response capabilities of over-burdened and understaffed IT security operations teams.