Tempe-based cybersecurity software company Bishop Fox says it will spend more on taking its product to market and on internal training with a fresh $46 million in funding.
The funding was led by WestCap together with NextEquity Partners and Rockpool Capital. And it extends the $75 million series B infusion the company received over the summer. With this year’s raises, plus a $25 million series A round in 2019, Bishop Fox said it has raised $154 million in investments so far.
Bishop Fox specializes in an offensive security-as-a-service consulting concept that uses its Cosmos platform combination of automation and human expertise to root out technology vulnerabilities for its clients, among whom are Google, Equifax, John Deere, Sonos and Zoom.
The company said it continues to build on the momentum of the past couple of years. This latest growth funding will be used to extend that by expanding the Cosmos platform in North America, Europe and Latin America, as well as developing programs to grow the next generation of cybersecurity talent, the company said.
The company claims that its team of security experts, apart from the federal government, represents the largest and most experienced global group of offensive security professionals. It currently has more than 400 employees, with 70 of those in Arizona. A spokesman for the company said hiring is continuing, with several jobs listed on the company's website, and that headcount growth has been about 40% annually.
Building on that, training has been a key element in the company’s operation. It runs Bishop Fox Academy, which has a curriculum developed in partnership with universities.
Bishop Fox CEO and co-founder Vinnie Liu said his company’s strength has allowed it to take a “selective, deliberate and measured” approach to external investment.
“We’ve also been equally selective in the partners we’ve chosen and the value they can provide in expertise and resources,” Liu said in a statement. “We’re very excited to have WestCap on board and look forward to maximizing our partnership.”
As part of the deal, WestCap Partner Kevin Marcus will be a board observer at Bishop Fox.
“Bishop Fox has an 18-year track record of identifying the most sophisticated attack vulnerabilities on behalf of some of the world’s most renowned brands," Marcus said in a statement. "Their ability to continuously monitor attack surfaces is especially timely given today’s backdrop of increasing frequency of attacks and costly data breaches.”
Perella Weinberg Partners LP served as the Series B financial adviser to Bishop Fox.
