Security management platform startup PlexTrac raises $70M

Security management platform startup PlexTrac Inc. has raised $70 million in new funding to accelerate its growth by expanding market reach, increasing brand awareness and doubling its headcount.

Insight Partners lead the Series B round with Madrona Venture Group, Noro-Moseley Partners and StageDotO Ventures also participating.

Founded in 2016, PlexTrac offers a software platform designed to assist companies in tracking their results from security assessments such as penetration testing and the progress they are making toward fixing those vulnerabilities. The company claims security professionals’ time is limited and hence what they provide saves time and boosts efficiency while staying on target.

PlexTrac offers nine “powerful” modules that ensure that any company from a small to medium-sized enterprise, large enterprise on a service provider, is covered. The company’s reporting module aggregates findings from all sources into customizable formats, providing cybersecurity teams “unparalleled power” when it comes to reporting security vulnerabilities and other risk-related findings.

The company allows red teams – red teams is a term in cybersecurity that refers to a group that plays the role of an enemy or competitor and provides security feedback from that perspective, to rapidly generate assessment reports. PlexTrac says that it eliminates the drudgery of reporting for red teams so they can report on what’s most important – identifying security issues.

PlexTrac is not shy in praising its worthiness, saying that customers report that they see PlexTrac “as a part of our strategy to move quicker and be proactive.” PlexTrac has found a willing audience with three times annual recurring revenue growth. PlexTrac has also quadrupled its headcount over the last year.

Notable customers include Asylas Security LLC, 7 Minute Security LLC, Richey May & Co LLP, Cyzen, Megaplant Ltd. and Mandiant.

“It has never been more crucial to be proactive in defending against increasingly disruptive threats,” Dan DeCloss, founder and chief executive officer of PlexTrac, said in a statement. “PlexTrac empowers teams to stay focused on the right work, eliminating waste in daily workflows, prioritizing the most critical organizational risks, and providing visibility of security progress.”

Including the new round, PlexTrax has raised $81 million to date, according to Crunchbase.

Image: PlexTrac