Cybersecurity Startup Swimlane Raises $70M For Global Expansion

Cybersecurity Startup Swimlane Raises $70M For Global Expansion

Security news

Jay Fitzgerald

About 70% to 75% of Swimlane’s current business is done through the channel in North America, Swimlane CEO James Brear tells CRN, and expects a “massive” increase in that business as Swimlane is expanding to Europe and Asia.


Swimlane has secured an additional $ 70 million in funding as the implementation of security automation prepares for a “massive” expansion of its channel business.

Swimlane-based new C-Series funding, based in Boulder, Colo., Was led by Activate Capital, with former investors Energy Impact Partners and 3Lines Venture Capital participating in the final round. Swimlane has now raised about $ 92 million since its founding in 2014.

The new cash infusion will be used for several things, including expanding the company’s marketing and collaboration programs on a global scale, said Swimlane CEO James Brear.

About 70% to 75% of Swimlane’s current business is done through the channel in North America, Brear said in an interview with CRN.

But Brear said he expects a “massive” increase in the channel business as Swimlane expands into Europe and Asia, where channel associations are more common.

“We want to be run exclusively by the channel,” said Brear, who did not release the company’s revenue numbers.

Swimlane currently has about 180 employees, and that number is expected to grow from 200 to 220 by the end of this year, Brear said.

Funding news comes a month after Swimlane announced the launch of its new product, Turbine, which the company describes as an “innovative low-security security automation platform” that works better than an “extended detection and response ecosystem.” normally closed “.

The turbine can be delivered to the facility or through the cloud, according to Brear.

Turbine was launched as cybersecurity companies increasingly emphasized the benefits of automation as a way to reduce customers ’security costs and their need for more security-related employees.

“We invested in Swimlane because we believe in the company’s ability to unlock the most valuable product developments that customers demand for security automation inside and outside the [Security Operations Center]said Raj Atluru, managing partner of Active Capital. Atluru joins Swimlane’s board of directors after funding the company.

In a press release, Atluru said Swimlane “has grown to meet the growing need for low-code security automation to help organizations quantify business value, overcome process and data fatigue, and combat chronic scarcity. of staff “.

Sameer Reddy, managing partner of Energy Impact, agreed that the demand for automation is growing.

“Organizations do not have enough people, money, or resources to address all of their organization-wide security workflows, while responding to threats at the time they occur,” it said in a statement. “Automation will have to play a critical role in meeting these challenges and Swimlane is incredibly well positioned as the leading independent security automation platform.”

Brear definitely has high hopes for Swimlane, telling CRN that “our game plan is to go public” in the next three or five years. Over the same period of time, he said he would like to grow Swimlane into a $ 100 million, balanced company.

In recent weeks, several later-stage cybersecurity startups have laid off hundreds of employees and cut other expenses due to the recent drying up of the IPO market.

But Braer said current market conditions should not hurt Swimlane’s long-term plans, assuming the markets recover within three to five years.

In the short term, he said demand for cybersecurity products will remain strong, with little or no economic slowdown, so Swimlane is in a “big place” right now for growth.

The newly raised Series C funds should be able to bring Swimlane through possible turbulent economic times, he added.

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