TenEleven Ventures and Bessemer Venture Partners lead the round, along with strategic investors Capital One Growth Ventures and Citi Ventures; TenEleven’s Mark Hatfield joins board
MCLEAN, VA (July 17, 2018) — Verodin, the leader in validating the effectiveness of cybersecurity controls, today announced $21M in Series B funding led by TenEleven Ventures and Bessemer Venture Partners (BVP). Capital One Growth Ventures, Citi Ventures and all existing investors participated in the round. The investment brings Verodin’s total funding to $34M. The company will use the funds to continue development of its Security Instrumentation Platform (SIP), increase hiring across all functional areas and expand its global sales reach.
Verodin also announced that Mark Hatfield, founder of TenEleven Ventures, has joined the company’s board of directors.
“Boards and C-level executives increasingly want evidence that the dollars and effort they spend on cyber defenses are actually working,” said Hatfield. “Verodin is leading a revolutionary shift in cybersecurity, delivering organizations the evidence they need to measure, manage and improve their cybersecurity effectiveness.”
“Forward-leaning organizations are realizing they can no longer afford to assume their cybersecurity controls remain effective over time,” said BVP Partner Bob Goodman. “Verodin is very clearly defining the market with a strong vision and impressive customer traction. We are excited to partner with the team.”
Verodin instruments cybersecurity by deploying its SIP software into customer IT environments to test the effectiveness of the customer’s endpoint, email, cloud and network controls. Verodin’s SIP continuously executes tests and analyzes the results to proactively alert on drift from a known-good baseline, validate and optimize control configuration, and provide evidence demonstrating if the controls purchased and deployed are actually delivering the desired business outcomes. This capability enables enterprises to quantifiably validate if their controls are actually protecting their business-critical assets, providing resiliency and keeping them safe.
“This raise is a big milestone for Verodin. I am excited to partner with such an elite group of investors and to have Mark join the Board,” said Verodin CEO Christopher Key. “We will leverage the investment to continue to deliver on our promise to customers and expand our global footprint. While Verodin has successfully deployed across all major industry verticals, the strategic partnerships with Capital One Growth Ventures and Citi Ventures specifically highlight our leadership in the financial services space. We are just getting started.”
Headquartered in Tysons, VA, Verodin was founded in 2014 and its leadership team brings together decades of experience in cybersecurity from ArcSight, Cisco, HP, IBM, McAfee, RSA, Splunk, Symantec, the United States Air Force, the United States Army and Verizon.
Verodin’s Security Instrumentation Platform (SIP) provides evidence of the effectiveness of customers’ cybersecurity controls, enabling them to validate the protection of their business-critical assets. Verodin has a diverse, global customer base and is backed by world-class investors including Bessemer Venture Partners, Blackstone, Capital One Growth Ventures, Cisco Investments, Citi Ventures, ClearSky, Crosslink Capital, Rally Ventures and TenEleven Ventures.
About TenEleven Ventures
The industry’s original venture capital fund that is focused solely on investing in digital security. The firm invests globally and benefits from its full investment spectrum view of digital security, from seed to growth (via its Joint Investment Alliance with KKR Technology Group.) Since its founding in 2015, Ten Eleven Ventures has invested in fourteen leading cybersecurity companies including Cylance, DarkTrace, Jask, Optiv and Twistlock.
About Bessemer Ventures
Bessemer Venture Partners (BVP) is a $5B global venture capital firm that invests in consumer, enterprise and healthcare startups from seven offices around the world. One of the longest-standing venture capital firms in the world, BVP invested in the early stages of Pinterest, Twitch, Blue Apron and Skype and has helped 122 of its companies go public, including SendGrid, Twilio, MindBody, Shopify, Wix, Yelp and LinkedIn. Follow us @BessemerVP.