Virginia cybersecurity software startup ThreatQuotient has raised $12 million in a round of funding led by Washington, D.C.-based New Enterprise Associates along with Virginia-based Blu Venture Investors and the Center for Innovative Technology. The new funding comes less than a year after ThreatQuotient raised $10.2 million from the same group of investors last December and approximately doubles the amount raised by the company to date.
ThreatQuotient's Threat Intelligence Platform works to bring together and coordinate data on potential digital security problems. Information from disparate cybersecurity tools can be brought together and analyzed, making it a lot easier to detect issues before they arise or plan out automated responses.
"We're like Switzerland," ThreatQuotient CEO John Czupak told DC Inno in an interview, describing the platform as neutral playing field for all kinds of cybersecurity software. "All of them can come together on our platform."
Czupak joined ThreatQuotient about a year ago, arriving from SourceFire after that company was acquired and bringing long experience in the Virginia cybersecurity scene with him. The company has expanded rapidly since then, recently adding former iSIGHT Partners president Jonathan Couch as vice president of strategy in June and former Sourcefire and Cisco executive Marc Solomon as chief marketing officer in July. Along with the leadership team, NEA managing general partner Peter Barris is joining fellow general partner Harry Weller on ThreatQuotient's board.
"The executive team is complete now," Czupak said. "With the [cybersecurity] ecosystem's growth, it's important to be able to be discerning. I'm doing business with [the team] I want to do business with."
"We can throw everything into the stew pot."
Czupak said there aren't any plans for another funding rounds for the foreseeable future. Revenue from the ever-growing demand for ThreatQuotient's platform will make the current round enough, he said. The company also has some room for flexibility though, thanks to Silicon Valley Bank, which set up a $3 million growth capital facility for ThreatQuotient.
Cybersecurity startups have had a hot summer in the D.C. area all told. ThreatQuotient joins email encryption startup Virtru, anti-phishing developer PhishMe and bot-fighting software developer Distil Networks in raising significant funding rounds just in August. What sets ThreatQuotient apart is the ecumenical nature of its platform and how it can mix so many kinds of relevant data into a coherent whole, Czupak said.
"We can throw everything into the stew pot and get something out of it," Czupak said.
