Lumu plans to devote more resources to sales and marketing after raising an additional $8 million from investors.
The Doral cybersecurity startup secured the capital in a funding round led by Panoramic Ventures, an Atlanta-based technology venture fund. Participating investors include KnowBe4 Ventures and the SoftBank Opportunity Fund, a $100 million venture that invests in businesses led by Black, Hispanic and other entrepreneurs of color.
Lumu's cloud-based software helps businesses identify and isolate a compromised network, founder and CEO Ricardo Villadiego said. From there, businesses can receive actionable information about what was impacted, when the incident took place and how to respond to the incident before it escalates.
“Our platform provides context at the granular level to understand each and every incident and the specific techniques used by attackers so that cybersecurity operators can mitigate malicious incidents," Villadiego said.
The company reports 3,100 organizations have adopted its cybersecurity technology since 2020. Lumu will use the $8 million investment to grow its sales and marketing initiatives, which could include hiring, according to a news release. It's also hiring: The startup has 102 employees and will add 20 more in Miami this year.
Hackers continue to find ways to penetrate corporate cybersecurity defenses, despite the billions of dollars spent each year to secure those networks.
Security breaches at businesses increased 31% between 2020 and 2021, according to Accenture's State of Cybersecurity Resilience 2021 report. And repeat incidents are common: The number of attacks per company rose from 206 to 270, year over year.
Experts predict cyberattacks will only increase as hackers employ more sophisticated methods to steal information from companies and consumers.
Startups such as Lumu aren't the only local organizations helping businesses upgrade their cybersecurity programs. The Alan B. Levan Center I NSU Broward Center for Innovation is preparing students and companies for emergency breaches at its new cybersecurity training range, a state-of-the-art facility that offers trainings and certifications to industry and government clients.
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