The SOAR (security orchestration, automation and response) market is flying high with investors. Denver-based Swimlane is among the latest cybersecurity startups to raise funding, bringing in $23 million in Series B funding from Energy Impact Partners, VentureBeat reports.
Swimlane CEO and cofounder Cody Cornell tells the outlet that the new funds will be in support of accelerated product development and expanded partnership development.
“The sheer volume of threats, shortage of available security talent, and lack of integration between existing security and IT products creates an almost impossible situation for the modern security ops team,” said Cornell to VentureBeat. “Swimlane is built for organizations looking to alleviate the pain of being understaffed and overworked, improving staff retention by moving away from reactive mundane tasks and, ultimately, creating a more proactive, effective, and secure organization.”
“The protection of critical infrastructure is a key concern of organizations and countries around the world. Having a partner that understands the need and urgency of getting automation into the hands of as many teams as possible is incredibly exciting.”
The automated platform makes collaboration on enterprise security problems simpler and more efficient through Swimlane’s suite of SOAR tools.
“The protection of critical infrastructure is a key concern of organizations and countries around the world,” added Cornell. “Having a partner that understands the need and urgency of getting automation into the hands of as many teams as possible is incredibly exciting.”
According to the outlet, Swimlane has notched impressive stats, including a 544% increase in revenue over a two-year period along with a doubled workforce.
“We look for companies with the proven ability to execute globally across vertical markets and ultimately transform how businesses operate — and Swimlane fits firmly in this category,” said Energy Impact Partners’ Sameer Reddy. “Security teams across the world face the same two foundational challenges — a lack of qualified staff and too many point solutions to manage and operate well. As the leading independent SOAR provider on the market, we have heard directly how Swimlane helps resolve these organizational inefficiencies and streamlines the way industries respond to incidents, adhere to regulatory compliance mandates, and mitigate the risk of cyberattacks for their customers.”
