Editor’s Note: This story first appeared in the Austin Business Journal. It's presented here in an abbreviated format. To see the original post in its entirety, click here.
A $12 million series A funding round will help Austin's Ontic Technologies Inc. continue to expand during a pandemic that has increased potential threats the company helps businesses predict.
Ontic has built a digital platform that helps companies, schools and other organizations analyze data to anticipate possible security threats.
California-based Felicis Ventures led the round, which also included participation by all existing investors such as Austin’s Silverton Partners, Floodgate and Village Global. The round’s close brings the total funding raised by Ontic to $17.64 million, said CEO Lukas Quanstrom, who co-founded the startup in 2017 with Gagan Jain and Thomas Kopecky, according to Crunchbase.
Silverton Partners — which just announced it has about $144 million more to invest in new startups — led a $4.65 million seed round in Ontic that closed in January 2019.
There are no "imminent plans” to raise another round, Quanstrom said.
He said Ontic will use the capital to, among other things, accelerate product development and sell into “new verticals such as health care, manufacturing and higher education. We will also make additional hires across product, sales, marketing, client success, services and engineering.”
The company currently employs 46, 23 of whom are based at its headquarters on West 38th Street. Others work remotely throughout the United States and an engineering team is based in Noida, India.
Ontic plans to hire between 25 and 30 people this year, including a head of finance. Many new marketing and sales hires will be in the Texas capital, Quanstrom said.
Read the rest of the story in the Austin Business Journal [subscription required]
