US-based cybersecurity validation software developer Verodin has completed a $21m series B round that included Capital One Growth Ventures and Citi Ventures, subsidiaries of financial services firms Capital One and Citi.
Cybersecurity-focused venture capital fund TenEleven Ventures and VC firm Bessemer Venture Partners co-led the round, which Verodin said featured all its existing investors, one of which is Cisco Investments, a subsidiary of networking technology provider Cisco.
Verodin has created a software product that conducts tests to assess the effectiveness of a client’s endpoint, network, cloud and email security systems. The funding will go to recruitment, as the company looks to improve the platform and grow its sales team.
Christopher Key, chief executive of Verodin, said: “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.”
Mark Hatfield, founder and general partner of TenEleven Ventures, has joined Verodin’s board of directors in connection with the round, which the company said increased its total funding to $34m since it was founded in 2014.
Verodin raised $2.1m in seed capital in 2015 according to a securities filing, and added $10m in a series A round featuring Cisco Investments, Blackstone, Rally Ventures and Crosslink Capital that was closed in mid-2016, two months after it emerged from stealth.