The funding will help SlashNext expand its geographical footprint and focus on customer acquisitions. Here are the top-line bullets you need to know.
SlashNext, a developer of anti-phishing technology that uses AI, has raised $26M in a Series B. The round drew participation from Alter Venture Partners, Kickstart Ventures, and Norwest Venture Partners, among others.
HOW’S THE COMPANY PERFORMING?
- California-based SlashNext is a SaaS provider of spear-phishing and human hacking defense.
- The startup’s flagship product, SlashNext 360° Defense-as-a-Service (DaaS), which was launched last year, has been adopted by Fortune 100 companies across the technology, financial services, healthcare, retail, and entertainment industries.
- The company has seen its client base increase by 600% and its ARR increase by 750% over the past year.
- SlashNext has also developed important resell agreements with Palo Alto Networks’ Cortex XSOAR Marketplace, Synnex, Microsoft’s Azure Marketplace, and over 50 VAR partners.
- It currently has 112 employees and expects to increase its headcount to 140 by the end of 2021.
WHY DOES THE MARKET MATTER?
- The global cybersecurity market is projected to grow at a CAGR of 14.5% and reach a value of $352.3B by 2026, according to Mordor Intelligence.
- The demand for more secure networks has increased amid the growing frequency and severity of cyberattacks.
- In 2020, companies spent $124B on cybersecurity.
- Several industries, including oil & gas, utilities, telecom, aerospace, and defense, have been making significant investments in cybersecurity R&D.