Arctic Wolf Networks, a company that sells a “SOC-as-a-service” platform, announced on Thursday that it raised $45 million Series C funding.
The company provides a cloud-based security operations center (SOC), which gives customers access to Arctic Wolf’s AI-dirven threat detection platform as well as its “Concierge Security Engineers.”
The offering is meant to give customers threat detection capabilities without having to built their own on-premise SOC. Arctic Wolf argues that this approach is more economical given the shortage of cybersecurity skills and “cost-prohibitive nature” of building a SOC from scratch.
CEO and co-founder Brian NeSmith said in a press release that the new funding will go toward further developing Arctic Wolf’s vulnerability assessment and endpoint detection and response (EDR) capabilities.
“Our growing team of security engineers is redefining the economics of security to protect companies of all sizes,” NeSmith said in a press release. “In addition to supporting continued company growth, the funding will accelerate expansion of our service offering, as we continue to scale and expand to meet our customers’ individualized needs.”
Based in Sunnyvale, California, Arctic Wolf boasts its staff has doubled in the past year and that its customer base has more than doubled year-over-year since it was founded in 2012.
The funding round was led by Future Fund with participation from Adams Street, Unusual Ventures, Lightspeed Venture Partners, Redpoint Ventures, Sonae Investment Management and Knollwood Investment Advisory LLC.
The SOC-as-a-service model is one that the federal government is reportedly exploring as a way to provide shared cybersecurity services to agency networks.