US-based cloud security software provider Lacework completed a $525m funding round yesterday featuring Liberty Global Ventures and Snowflake Ventures, representing mass media group Liberty Global and data management technology producer Snowflake respectively.
Private equity firm Sutter Hill Ventures and technology investment firm Altimeter Capital co-led the round, which included D1 Capital Partners, Coatue, Dragoneer Investment Group and Tiger Global Management.
Lacework has built a cybersecurity platform designed for use with a range of cloud service providers, detecting behavioural anomalies and run-time threats in addition to ensuring cloud compliance. The company said it increased revenue by more than 300% during 2020.
Dan Hubbard, Lacework’s chief executive, told TechCrunch that Snowflake Ventures invested $20m in the round, adding: “We were an alpha Snowflake customer, and they were an alpha customer of ours.
“Our platform is built on top of the Snowflake data cloud and their new venture arm has also joined the round with an investment to further strengthen the partnership there.”
Snowflake’s senior vice-president of products, Christian Kleinerman, said in a statement announcing the round: “The best way to understand the security of any business is to have data for all activity and process it with the lowest latency, regardless of scale.
“Lacework’s automation of manual processes and ability to map and analyse cloud changes with their Polygraph demonstrates the power of modern data processing on Snowflake.”
The company raised $24m in a 2018 series B round led by Sutter Hill Ventures and backed by Liberty Global Ventures, Spike Ventures, Webb Investment Network and AME Cloud Ventures that took its total funding to $32.7m. Liberty Global Ventures and Sutter Hill Ventures provided another $42m the following year.
