US-based security analytics platform developer Panther Labs received $120m yesterday in a series B round featuring Snowflake Ventures, the corporate venturing subsidiary of data management software provider Snowflake, at a $1.4bn valuation.
Investment manager Coatue Management led the round and was also joined by Iconiq Growth, Lightspeed Venture Partners, S28 Capital and Innovation Endeavors.
Incubated by venture capital fund S28 Capital, Panther’s cloud cybersecurity software is designed to quickly and flexibly detect threats by analysing terabytes of data each day and respond to them. The capital will be used to support its market expansion.
Lightspeed Venture Partners led the company’s $15m series A round in September 2020 with backing from S28 Capital, Innovation Endeavors and Fathom Capital, taking its total funding to $20.5m.
Panther Labs had previously raised $4.5m in an October 2019 seed round co-led by S28 Capital and Innovation Endeavours while Fathom Capital and 645 Ventures filled out the participants.
Jack Naglieri, Panther Labs’ co-founder and chief executive, said: “Rapid cloud adoption has transformed the way businesses operate and security teams are overwhelmed by increasing data volumes and an ever-expanding attack surface.
“Legacy [security information and even management] platforms were not built for the cloud and cannot deliver the speed, scale and flexibility needed by modern security teams.”
