If you’re a cyber security company, get your funding while it’s hot. On the same day security software firm CounterTack (fka NeuralIQ) said it is moving from DC to the Boston area and taking a venture round, Boston-based Rapid7, a security assessment software company, says it has raised a $50 million Series C round from new investor Technology Crossover Ventures, based in Silicon Valley.
Rapid7 says the new money will be used to hire talent, accelerate product innovation, expand internationally, and make strategic acquisitions (let’s keep an eye on this—clearly a plan to go big). The company previously raised $7 million from Bain Capital Ventures in 2008, as well as a $2 million follow-on round last year.
The idea behind Rapid7’s software is to scan an organization’s entire IT infrastructure—including routers, hubs, networks, operating systems, databases, and Web applications—to find security holes and patch them. It also checks whether a company’s systems are in compliance with accounting and privacy regulations.
Rapid7 started in 2000 and is led by CEO Mike Tuchen. The firm has raised $59 million to date and says it has more than 200 employees.
Author: Gregory T. Huang
Greg is a veteran journalist who has covered a wide range of science, technology, and business. As former editor in chief, he overaw daily news, features, and events across Xconomy's national network. Before joining Xconomy, he was a features editor at New Scientist magazine, where he edited and wrote articles on physics, technology, and neuroscience. Previously he was senior writer at Technology Review, where he reported on emerging technologies, R&D, and advances in computing, robotics, and applied physics. His writing has also appeared in Wired, Nature, and The Atlantic Monthly’s website. He was named a New York Times professional fellow in 2003.
Greg is the co-author of Guanxi (Simon & Schuster, 2006), about Microsoft in China and the global competition for talent and technology. Before becoming a journalist, he did research at MIT’s Artificial Intelligence Lab. He has published 20 papers in scientific journals and conferences and spoken on innovation at Adobe, Amazon, eBay, Google, HP, Microsoft, Yahoo, and other organizations. He has a Master’s and Ph.D. in electrical engineering and computer science from MIT, and a B.S. in electrical engineering from the University of Illinois, Urbana-Champaign.
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