Lacework is an organisation specializing in the development of automated containerized workload defense,compliance solutions and intrusion detection. It has been in business for more than four years now, and it was recently announced that they had closed a round of funding amounting to a massive $525 million, which rounds the company value at over $1 billion. The CEO of Lacework, Dan Hubbard, has been quoted to say that the capital which will be coming after a year in which Lacework had seen a 300% revenue growth will accelerate the company’s efforts at product development as expansion of market sales, engineering partner ecosystem operations, and R&D teams across Europe and the United States takes place. Lacework 525m 1b Wiggersventurebeat.
It has been reported by a 2020 survey from LogicMonitor that an approximate 83% of the enterprise workload has shifted to the cloud. Unfortunately, the biggest problem that still exists is of the cloud being susceptible to cyber attacks. It was found out by IBM that it takes an average time of 206 days to identify a breach, and it was predicted by Gartner that 50% of all existing companies will likely unintentionally expose certain components of their cloud applications and infrastructure to the internet by 2021. Lacework 525m Series 1b Wiggersventurebeat.
Lacework is focusing on closing these security gaps across devops and cloud environments by identifying the possible threats that would target the cloud servers, containers, and accounts. using AI to detect suspicious behavior, its agent will provide visibility into running processes and applications. The agent will concurrently monitor for any suspicious performances, like unauthorized API calls and use of admin accounts and management consoles, as well as ensuring security management by posing a limit to accessing vulnerable ports and enforcing privileges that are least accessible. Lacework Series 1b Wiggersventurebeat.
Important events are logged and funneled to Lacework’s cloud backend irrespective of whether they are taking place in public cloud platforms, for example Google Cloud Platform, Microsoft’s Azure, Amazon Web Services, and also other private data centres. There, they’re aggregated and used to create a baseline against which future incidents are measured. All this data is then aggregated to create the baseline against which possible future incidents will be measured.
Lacework made an announcement in August about continuous host vulnerability monitoring, deployment automation workflows, preflight checks and continuous integration. All these new features will be allowing existing customers to accelerate threat investigation and remediation, and will also easily prioritise their response to the most critical and active threats to their security, something that the company was quoted saying at the time. Lacework 1b Wiggersventurebeat.
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“Building on cloud is the biggest shift the IT industry has ever witnessed”, which Hubbard had said to VentureBeat via an email. “Constant cloud changes require a new approach to security that is critical for our customers for adapting and scaling as fast as cloud innovation. This round will allow us to extend our product differentiation leadership, which is critical in a transformative market driven by both fast moving builders and sophisticated attackers”
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Lacework, which is based in Mountain View, California, underwent the funding round that was announced by Sutter Hill Ventures and Altimeter Capital paired with a strategic investment from Snowflake Ventures. This makes up for the funds raised by the company to date to over $600 million which came after a $42 million tranche in September 2019.