Part of what makes New York City’s tech scene so unique is the fact that it doesn’t specialize in any one vertical: e-commerce businesses flourish alongside fintech apps and healthcare startups.
But there are still some notable trends. In recent years, cybersecurity companies have been building a powerful presence in the city. The latest jewel in that crown was set today, as Siemplify announced the closure of its $30 million Series C funding.
Though Siemplify was founded as recently as 2015, the firm has already raked in $58 million. The latest funding was led by Georgian Partners, with participation also coming from existing investors 83North, G20 Ventures and Jump Capital.
CEO and co-founder Amos Stern said in a statement that the “significant investment and expertise from Georgian will allow us to expand our global presence and drive further innovation to make security operations smarter, more efficient and more collaborative.”
Siemplify builds a security orchestration automation response (or “SOAR”) platform. The tool provides its users, numerous Fortune 500 companies among them, with a real-time dashboard for their security strategies.
Threats to those strategies are analyzed, grouped and put into queues, where cases can be divvied up and assigned to different teams appropriately. There is even an internal messaging system where security teams can chat.
Siemplify also allows teams to build automated processes using pre-existing security tools like Carbon Black, Splunk and more.
The Series C funding caps off a benchmark year for the company, which reported 280 percent year-over-year growth in 2018, in addition to a 532 percent increase in bookings and 350 percent increase in customer base in the first half of 2018 alone.
These impressive statistics are reflections of the broader growth of the cybersecurity industry as a whole. Reports indicate that, by 2024, the cybersecurity industry is expected to be worth $300 billion — compare this to the market’s $3.5 billion value as recently as 2004.
Much of that growth has happened here in New York City, as initiatives like Cyber NYC work to push the industry forward on a local level and help transform NYC into a hub for solving the growing cybersecurity skills shortage.
