DefenseStorm, an Alpharetta, Ga.-based cloud-based cybersecurity and cybercompliance management provider to regional and community banks and credit unions, raised $12M in Series B funding and $7m in financing.
The round, which brought total funding to $47M, was led by Georgian, with participation from TTV Capital. CIBC Innovation Banking also provided $7M in growth capital financing.
The company intends to use the funds to expand its tech capabilities including technical and user-facing product changes and establishing platform efficiency and scalability, and continue strategically staffing the teams required to execute plans for 2021 and beyond.
Founded in 2014 and led by Steve Soukup, chief executive officer, DefenseStorm provides cybersecurity and cybercompliance solutions specifically built for banking to achieve and maintain Cyber Safety & Soundness. The DefenseStorm GRID is a co-managed, cloud-based and compliance-automated solution operating as a technology system and as a service supported by experts in FI security and compliance. It watches everything on a bank’s network and matches it to defined policies for real time, complete and proactive cyber exposure readiness, keeping security teams smart and executives accountable. FFIEC CAT requirements are built-in and automated, as can be other frameworks and an FI’s own policies, to achieve Active Compliance. A Threat Ready Active Compliance (TRAC) Team augments a bank’s internal team to protect business continuity and skills availability while also ensuring cost-effective coverage and management.