Banking Cybersecurity Provider DefenseStorm Raises $19 Million

Cloud-based cybersecurity and cybercompliance management solutions provider DefenseStorm on Tuesday announced that it raised $12 million in Series B funding, along with $7 million in growth capital financing.

Founded in 2014, the Alpharetta, Georgia-based company serves regional and community banks and credit unions, providing them with capabilities for automating controls, tracking, and reporting. By also incorporating policies and other regulatory frameworks, customers can prove both security and compliance.

DefenseStorm, which claims to have experienced growth amid an increase in cyberattacks targeting the financial sector, plans on using the new funds to accelerate capabilities and better help its customers.

The company plans on investing in technical and user-facing products, as well as in increasing the efficiency and scalability of its platform. DefenseStorm plans on bringing to market its CyberFraud module, as well as to increase efficiency through its Threat Ready Active Compliance (TRAC) service provider team.

The Series B funding round was led by Georgian and saw participation from TTV Capital. The growth capital financing came from CIBC Innovation Banking. To date, DefenseStorm raised a total of $47 million.

“Thanks to the support of Georgian, TTV Capital and CIBC Innovation Banking, DefenseStorm is poised for another incredible growth period. Our primary goal is to invest our time and resources into our current and potential customers, our hardworking employees and our own innovative solutions to continue serving the financial industry to the best of our ability,” Steve Soukup, CEO of DefenseStorm, commented.

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Ionut Arghire is an international correspondent for SecurityWeek.

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