US-based cybersecurity software producer Orca Security increased the size of its series C round to $550m yesterday, adding $340m from investors including digital transformation services provider SAIC and cybersecurity technology producer Splunk.
The tranche was led by Singaporean government-owned investment firm Temasek, which took part with SAIC and Splunk subsidiary Splunk Ventures at a $1.8bn valuation. Internet and technology conglomerate Alphabet’s CapitalG unit co-led the round’s $210m first close in March this year.
The first close was co-led by Redpoint Ventures and included GGV Capital, Iconiq Growth and Silicon Valley CISO Investments (SVCI), valuing Orca at $1.2bn. It also named Lone Pine Capital, Stripes, Adams Street Partners, Willoughby Capital and Harmony Partners as participants this week.
Orca has built a platform designed to protect software deployments on cloud services such as Amazon Web Services, Google Cloud and Microsoft Azure.
The funding has been earmarked for a geographical expansion taking in Europe and the UK, the Middle East, Africa and the Asia Pacific region. It is being fuelled by the continued growth of the startup’s international partner network.
Varoon Bhagat, Splunk’s vice-president of corporate development, said: “Cloud-based security infrastructure and operations provide exceptional opportunities for innovation advancement – and are vital to combat today’s threat landscape.
“Our investment and technical integration with Orca Security underscores Splunk’s commitment to helping organisations investigate, correlate, and visualise their data to identify possible compromise and quickly take necessary action.”
The series C round was preceded by $81.5m from Iconiq Growth, GGV Capital, SVCI and YL Ventures across a total of three rounds between mid-2019 and December 2020.
