DefenseStorm, a US-based cybersecurity software provider backed by financial services firms Washington Trust, Live Oak Bank and Citizens National Bank, has raised $12m in series B funding.
Growth equity firm Georgian Partners led the round, which included venture capital firm TTV Capital, while CIBC Innovation Banking, a subsidiary of Canadian Imperial Bank of Commerce, provided $7m in debt financing.
Founded in 2014 as Praesidio before rebranding two years later, DefenseStorm provides cybersecurity and cyber-compliance software for banks and credit unions.
The funding will be used to accelerate the company’s strategic growth initiatives, such as strengthening its products’ technical and customer-facing capabilities, and increasing efficiency and scalability.
DefenseStorm said it has now secured $47m altogether. It picked up $15m in a July 2019 series A round led by Georgian Partners after raising $6m from TTV Capital and undisclosed new and existing investors in 2016.
The company had received $3.1m in an October 2015 round backed by Washington Trust, Live Oak Bank and Citizens National Bank as well as its chairman, Jeff Lunsford, and vice-chairman Harold Brewer. It had secured $1.7m from unnamed angel investors six months earlier.
DefenseStorm’s chief executive, Steve Soukup said: “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.”