Coeur d’Alene-based cyber security company Gravwell Inc. has received $3 million in seed funding from three venture capital companies.
Its new investors are Montana-based venture capital fund Next Frontier Capital, Utah-based Kickstart Capital LLC, and Rise of the Rest, which is part of Washington, D.C.-based venture capital company Revolution LLC.
The round of new funding builds on initial angel funding from Maryland-based Gula Tech Adventures Inc., which invests in companies and nonprofits that defend cyberspace, according to a company press release.
With the new round of funding, Gravwell will double its employee base, which currently stands below 25, says Corey Thuen, Gravwell CEO. The company also will open an office in Minneapolis to support its customers in the eastern half of the U.S.
“Our growth to date has been mostly organic as we built and proved our tech,” says Thuen. “We’re doing multiyear deals in the seven- to eight-figure range as we help companies solve serious data and cybersecurity problems.”
According to a press release issued about the capital infusion, Gravwell seeks to be a different security company that enables security teams to investigate, collaborate, and analyze data from any source, on demand.
Additionally, platform users have access to unlimited data intake and retention, “light-speed data fusion” and analytics, and the ability to search, find, and act on data in real time.
“On our platform, (customers) will never have to make a decision about which data to use or lose. It is all their data,” Thuen claims.
Thuen declines to disclose exact customer numbers, but claims that for enterprise customers, the company has “significant deployments in Fortune 500s, with a unique ability to serve the U.S. critical infrastructure.”
Customer sectors include chemical, energy, communications, and nuclear industries, he says.
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