Purple Teaming Security Management Firm PlexTrac Raises $70 Million
Boise, Idaho-based PlexTrac has raised $70 million in a Series B funding round led by Insight Partners with participation from existing investors Madrona Venture Group, Noro-Moseley Partners and StageDotO Ventures.
Using a ‘purple teaming’ paradigm, PlexTrac assists consultants, service providers and enterprise teams to track and improve their posture across the security lifecycle. PlexTrac automates much of the effort required in proactive security – such as report writing. It collects data from security tools, such as vulnerability scanners and breach and attack simulators, and automates the workflows necessary for reporting.
“It has never been more crucial to be proactive in defending against increasingly disruptive threats,” said Dan DeCloss, founder and CEO of PlexTrac. “PlexTrac empowers teams to stay focused on the right work, eliminating waste in daily workflows, prioritizing the most critical organizational risks, and providing visibility of security progress.”
The company claims that customers have reported “a 5x ROI in year 1”, and a “30 percent increase in efficiency”. “PlexTrac’s end-to-end workflow automation provides a single source for gauging and evolving program maturity,” says the firm. It does this on a continuous basis.
Founded in 2016 by DeCloss, PlexTrac raised $10 million in a Series A funding round in April 2021. During 2021, it generated 3x growth in recurring revenue and quadrupled its headcount. It has more than 160 customers, with eight in the Fortune 100. “The new investment will be used to accelerate this trajectory by expanding market reach and increasing brand awareness, while doubling headcount and propelling the product roadmap forward,” says the firm.
Related: Proactive Security – Does It Exist?