Bricata, Inc., a developer of next-generation network intrusion detection and prevention solutions, today announced it has raised an $8 million dollar Series A round of growth capital led by Edison Partners. The funding follows a string of announcements including the newest version of the company’s solution and the addition of two veteran cybersecurity executives to the management team.
While a Series A round is typically aimed at efforts to bring a product idea to market, Bricata already has a mature solution. The company has earned an impressive roster of large enterprise customers, especially in the financial services market, and grew revenues in 2016 by 156% year-over-year. Bricata will use this round of funding to build out its go-to-market efforts and continue its investment in research and development.
“To date, our ability to develop and commercialize a product that is solving real and urgent cybersecurity problems at scale has been largely self-funded, but this injection of capital will mark a sizable turning point for the company,” said Bricata CEO John Trauth. “Edison Partners is helping to accelerate Bricata’s business plan. This will help more organizations stay ahead of cyber threats as part of a proactive and layered security posture.”
Bricata brings new innovation to a mature segment of the cybersecurity market, including advanced detection and threat hunting. It provides new perspectives capturing important context that enriches security alert data and provides a vastly improved basis for analysis by SIEMs and other security analytics tools.
Analysis of many high-profile breaches demonstrate that threats often persist undetected inside a network for several months before activating. Bricata provides enhanced data to better equip security teams to prevent or detect known threats, identify anomalies that could be threats, and have the capability to hunt for threats already hiding inside the network. Bricata is aimed squarely at reducing the time to detection and remediation, and providing the context necessary to correlate the other event data, often found in security analytics tools or SIEMs, to help distinguish between signal and noise.
“There’s been a tremendous amount of investment flowing into security analytics, but for the most part the promise of security analytics has gone unrealized,” added Trauth. “It’s a classic case of ‘garbage in equals garbage out.’ As a result, many enterprise security teams are drowning in cybersecurity alerts – often several thousand per day – and have very little context to distinguish genuine threats from the noise. Bricata brings that context, improving the value of your entire security ecosystem.”
Although Bricata has largely grown its business organically, it has previously had access to capital from other notable sources. For example, in 2015, Bricata was awarded a $100,000 Maryland Department of Business and Economic Development grant for winning the grand prize in the Defense & Security category at the InvestMaryland Challenge. About a year later, Bricata also secured a $250,000 loan from the Howard County Economic Development Authority. As part of that deal, the company relocated to Maryland, which given its proximity to national security and defense agencies, has become a hotbed of cybersecurity innovation.
Under terms of the Series A investment, Bricata will form a six-person board of directors with extensive experience in building successful organizations in the cybersecurity sector.
- John Trauth, co-founder and CEO at Bricata;
- Gene Savchuk, CTO and principal at Bricata;
- Lenard Marcus, Partner at Edison Partners;
- John Becker, the former CEO of Sourcefire;
- Ben Levitan, an investor, tech executive and four-time-CEO; and
- George Schu, a former partner and SVP at Booz-Allen Hamilton, who has previously served on the Bricata board of advisors.
“Edison Partners is excited about Bricata’s vision and the unique value they bring to the cybersecurity market. John and the management team have a long history of building teams adept at solving the most dynamic cybersecurity problems,” said Lenard Marcus, Partner at Edison Partners who led the investment. “Bricata’s incredible growth is a testament to the demand for reliable IPS solutions, and we are thrilled to have them in our portfolio.”
Bricata network security solutions deliver innovative next generation intrusion prevention, advanced threat detection and analysis, and threat hunting to enable large organizations to actively pursue and identify advanced, persistent, and coordinated attacks. A specialized component-based approach to today’s attacks has left organizations with a stack of tools to manage that provide a patchwork of uncorrelated data, leaving penetrable gaps and inconsistent security policies. The Bricata platform provides organizations with process automation, streamlining operations with the most effective, affordable solution for situational awareness and proactive threat defense, reducing complexity, dwell time and time to containment. For more information visit www.bricata.com.
About Edison Partners
For 30 years, Edison Partners has been helping CEOs and their executive teams navigate the entrepreneurial journey and build successful companies. Through the unique combination of growth capital and the Edison Edge platform, consisting of operating leverage, the Edison Director Network, and executive education, Edison employs a holistic approach to accelerating growth and creating value for businesses ($5 to $20 million in revenue) in financial, healthcare, enterprise and marketing technology sectors. Edison’s active portfolio has created aggregate market value exceeding $10 billion. Its long-tenured team based in Princeton, N.J., manages more than $1 billion in assets throughout the eastern United States.