London-based Cado Security, a cloud investigation platform that empowers security teams to respond to threats at cloud speed, announced on Thursday that it has raised $20M (approximately €18.93M) in a fresh round of funding.
The startup has raised a total funding of $31.5M (approximately €29.82M) to date.
The round was led by Eurazeo, a global investment company, and joined by Ten Eleven Ventures, a cybersecurity-focused, global, stage-agnostic investment firm.
Thomas Turelier, VP – Venture Digital, at Eurazeo, says, “We built a strong conviction that Cado is uniquely positioned to become the leader in the emerging cloud forensics and response automation market.”
“It is becoming fundamental for security and infrastructure teams to take control and automate their post-incident processes in increasingly complex cloud environments. James and his team have built a unique expertise reflected in the depth and reliability of their product.”
Capital utilisation
Cado Security says it will use the funds to further enable its global expansion, maintain innovation through product development, accelerate go-to-market strategies, and grow sales and marketing.
James Campbell, co-founder of Cado Security, says, “Rapid, strategic innovation has enabled us to grow quickly and effectively. As a platform purpose-built for the cloud, we are providing the solutions needed so that security teams can drastically speed up incident response in the cloud.”
“Nearly half of today’s breaches are cloud-based, and with more than 60 per cent of corporate data currently stored in the cloud, it’s more important than ever to provide cutting-edge solutions that enable organisations to appropriately handle this increasing risk in cloud environments.”
“We are pleased to be working with such world-renowned investors and technology leaders. With their support, combined with our team and continued momentum, we will continue to pave the path as the leader in this critical and rapidly growing segment of cloud security,” adds Campbell.
A smarter and faster way to respond to cyber incidents in the cloud
Founded in 2020 by James Campbell and Christopher Doman, Cado Security claims to offer the first cloud forensics and incident response platform.
The platform simplifies forensic-level data collection and processing across cloud, container, and serverless systems by utilising the size and speed of the cloud.
Chris Corde, Head of Product for Security Operations at Google Cloud, says “The Cado platform speeds up incident response in the cloud by reducing time spent on data collection and processing from days to hours. The fact that security teams no longer have to manually request access to a potentially compromised system is a game changer.”
Over the past year, Cado Security witnessed accelerated growth and achieved significant milestones, including its availability in the Microsoft Azure Marketplace and AWS Marketplace.
Additionally, Cado Security was chosen as one of the top 10 candidates for the RSA Conference 2022 Innovation Sandbox Contest and was featured in CRN’s 2023 Security 100 List for its platform’s capacity to offer thorough cloud forensics and incident response capabilities.
About the investors
Eurazeo is a global investment group with a portfolio of €34.1B in Assets Under Management, including €24.1B from third parties. The firm has backed 590 companies to date.
With its private equity, private debt, real estate assets and infrastructure expertise, Eurazeo helps companies of all sizes. Currently, it has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg, Shanghai, Seoul, Singapore, and Sao Paulo, and is listed on Euronext Paris.
Ten Eleven Ventures was founded to provide high-value cybersecurity companies with advice, funding, and contacts.
The firm says, “We are aware of the particular challenges faced by security businesses because we have firsthand experience and knowledge of what truly makes a difference. We are here to assist the upcoming generation of leaders in rising to their full potential because we are aware that our own achievements were based on the chances and guidance provided to us.”
