Denver security operations startup Swimlane announced that it has kicked off 2021 with a substantial funding round and brought on a new leader to guide the company forward.
The $40 million funding round was led by EIP and will accelerate the company’s partnerships and alliances, expand research and development and enable further global expansion. The company last announced a major funding round in May 2019, a $23M Series B once again led by EIP.
In addition, Swimlane has appointed James Brear as the company’s chief executive officer. Brear previously served as the CEO of Veriflow, which was sold to VMWare in August 2019.
“Without a doubt, automation will be one of, if not the biggest change realized by security operations in a generation. Security automation is a multibillion dollar market, and while hundreds of organizations already benefit from its initial adoption, the broad application of intent-based automation to every aspect of security is still in front of us all,” Brear said in a statement. “Swimlane is acutely focused on improving the automation piece of today’s SOAR solutions. I am thrilled to join the company at this critical moment with the strong support of EIP.”
Swimlane provides security orchestration, automation and response solutions for companies looking to boost their protection.
During a time when businesses have been forced to embrace a digital workspace, Swimlane said its automation platform provides a flexible, central workbench that enables teams to automate any task or process with speed and accuracy.
The company has achieved a handful of milestones in the last year, including a new platform, securing a patent and acquiring Syncurity, and said this funding round validates the progress it has made.
The April acquisition of Maryland's Syncurity Corporation further built out Swimlane’s offerings and added to the company’s customer-base.
After leading the company since 2014, co-founder and former CEO Cody Cornell has transitioned to chief strategy officer.
“In 2020, the leadership team at Swimlane looked around and realized, for all that we had accomplished, there was still a lot more we wanted to do,” Cornell wrote in a blog post. “However, last year I hit a point where I was no longer leading the pioneering team we set off with, but a rapidly scaling company.”
As he steps into the CEO role, Brear has scaled a variety of businesses over his career, including as CEO of Procera, completing its public offering in 2012 and its acquisition by Francisco Partners.
