US-based software security platform developer TrueFort completed a $30m series B round on Wednesday featuring Ericsson Ventures, the corporate venturing arm of communications technology producer Ericsson, TechCrunch reported.
Venture capital firm Shasta Ventures led the round according to a company press release, with additional investments from Canaan Partners, Evolution Equity Partners, Lytical Ventures and Emerald Development Managers.
Founded in 2015, TrueFort has built a zero-trust cybersecurity platform that detects and addresses cyberattacks on organisations’ critical software applications across traditional and cloud-based infrastructure.
TrueFort will use the series B capital to hire new staff as well as fund go-to-market and research and development activities.
The company has pulled in nearly $48m of funding to date, according to TechCrunch. Evolution Equity Partners had led its $13.7m series A round, in June 2019, which included Lytical Ventures and Emerald Development Managers.
Sameer Malhotra, co-founder and CEO of TrueFort, said: “TrueFort addresses an unmet need for protecting modern applications and workloads with a purpose-built solution for enterprise security teams.
“This new financing provides the resources we need to grow our footprint in existing markets, expand into new markets and support the accelerating adoption of our solution.”