[Updated 6/14/17, 3:58 pm. See below.] Sqrrl has grabbed $12.3 million from investors to help drive more sales of its software that aims to detect cyber attackers.
The Series C funding round was led by Spring Lake Equity Partners, whose partner Jeff Williams will join Sqrrl’s board. Other investors in the round include previous Sqrrl backers Matrix Partners, Rally Ventures, and Accomplice.
The Cambridge, MA-based company’s total venture capital haul is now $28.5 million.
In a press release, Sqrrl said it will use the new cash to expand its global sales team. The company said it has doubled its revenue each year for the past four years, selling its software to large businesses and government agencies. Sqrrl plans to grow from about 50 employees to 75 this year, co-founder Ely Kahn said in an e-mail to Xconomy. [This paragraph updated with the latest hiring plans.]
Sqrrl’s “threat hunting” software uses machine learning algorithms and other analytics techniques to find and visualize connections between data that might indicate unusual activity. The goal is to detect cyber threats that other tools might have missed, and more efficiently investigate red flags.
Sqrrl was founded in 2012 in the Washington, DC, area by national security experts Kahn, Adam Fuchs, and Oren Falkowitz. The company later moved to the Boston area and brought on former F5 Networks executive Mark Terenzoni as its CEO.
Other investments in Boston-area cybersecurity companies this year include a $20 million round for CounterTack and a $1.2 million seed round for Krypt.co.
[Pictured above are Sqrrl executives (left to right) Adam Fuchs, Mark Terenzoni, and Ely Kahn. Image: Liz Linder Photography.]
