ThreatSwitch founder John Dillard expects the startup's recent $1.7 million funding to go a long way toward expanding its team and its platform.
The round was led by VentureSouth and included existing ThreatSwitch investors DGI Capital, North Carolina Venture Capital Multiplier Fund and Atlas Principals.
ThreatSwitch, founded in 2016, is a B2B security compliance software platform that reduces cost and risk for highly regulated enterprises.
"We're in the business of helping large companies deal with security and privacy regulations," Dillard said. "Our software helps them automate and simplify high-level tasks they have to perform everyday and reduces the risk of security incident."
Paul Clark, VentureSouth managing director, said in a statement released Tuesday that ThreatSwitch fills a critical gap for large enterprises “by providing a product that’s easy to deploy to thousands of employees, slashing the process costs associated with security, while reducing the risk of compliance and security incidents."
Dillard said the money will be used to grow the team and the software platform. Dillard said he expects the 11-person team to grow by at least 30 percent by the end of 2020 and double by the second quarter of 2021.
"As we grow, we need new employees to help out customers onboard the product and get the most out of it," he said. "We have some pretty incredible work flow management tools that we're super excited to take to market... Especially right now, you have to be a web-based product to be productive."
