Kennesaw cybersecurity risk management platform FortifyData raised $5 million led by local investor Tech Square Ventures. The startup plans to use the round to invest in sales and marketing to stay ahead of competitors, CEO Victor Gamra said.
Inside the deal: Early-stage venture capital firm Tech Square Ventures led the seed extension round, bringing FortifyData’s investments to $7 million total. Atlanta’s Panoramic Ventures, SoftBank’s SB Opportunity Fund and Oval Park Capital also participated.
Why it matters: FortifyData’s fundraising round comes during a time of high demand for cybersecurity solutions. As innovation creates more digital and cloud connectivity, there’s more risk for security breaches. Last year, five major Atlanta companies faced ransomware attacks. Global spending on cybersecurity will grow to $458.9 billion in 2025, up from $262.4 billion in 2021, according to Cybersecurity Ventures’ market report. Atlanta has long had a reputation for cybersecurity, building from the success of Internet Security Systems, a company founded by Georgia Tech graduates and sold to IBM for $1.3 billion in 2006. FortifyData’s local, lead investor shows the success of Tech Square innovation district’s collaborative layout. The startup was connected to Tech Square Ventures through the state’s startup incubator, the Advanced Technology Development Center.
About the company: FortifyData, which launched its software in 2018, evaluates all possible cybersecurity risks for a company to get an accurate security rating and mitigate possible security weaknesses. The startup has about 37 employees, including full- and part-time and contractors, and has grown about 250% each year, Gamra said. Its customers include Atlanta financial technology giant Global Payments and sports brand Nike.
What’s next: FortifyData plans to grow its team by about 20 people in the next year and a half with a focus on sales and marketing. The team is currently working remotely, and Gamra plans to hire from anywhere, with a focus on people who are based locally. Gamra, a Kennesaw State University graduate, plans to work with his alma mater to create an internship program that could turn into full employment for graduating students. FortifiyData also plans to add more integrations for its product in the coming year.
