Fintech: Southeast News

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120820

Posted December 08, 2020

High demand for cybersecurity software accelerates company’s product development and market expansion

DefenseStorm, the leading cloud-based cybersecurity and cybercompliance management provider to regional and community banks and credit unions, announced today that it has raised a $12M Series B round, bringing its total funding to $47M. Georgian, a fintech investing in high growth technology companies, led the round, with participation from TTV Capital.

Founded in 2014, DefenseStorm unifies detection, investigation, resolution and reporting into a single system of record to deliver real-time cyberthreat exposure and safety. DefenseStorm’s growth comes at a time in which the financial sector has seen cyberthreats increase rapidly. This round of funding will accelerate DefenseStorm’s capabilities to better help its customers.

DefenseStorm has also secured $7M in growth capital financing from CIBC Innovation Banking.

"Thanks to the support of Georgian, TTV Capital and CIBC Innovation Banking, DefenseStorm is poised for another incredible growth period," said Steve Soukup, chief executive officer of DefenseStorm. "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."

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