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Dec. 2 (Reuters) – Panther Labs raised $ 120 million in new capital in first round of funding led by investment manager Coatue, valuing the cloud-based security analytics platform to $ 1.4 billion.
The Series B funding includes investments from ICONIQ Growth, Snowflake Ventures, Lightspeed Venture Partners, S28 Capital and Innovation Endeavors, according to a statement seen by Reuters ahead of the announcement.
A higher incidence of data theft since the pandemic has boosted investor interest in the tech and software industry this year, which has helped startups achieve sky-high valuations.
The latest round brings the total funding for Panther Labs to $ 140 million, which detects and responds to suspicious activity in real time.
Managing Director Jack Naglieri said the pandemic has played a role in the rapid uptake of his services. Panther Labs has grown its customer base by 300% over the past year.
The San Francisco-based company counts among its clients file sharing service provider Dropbox Inc (DBX.O), web application automation company Zapier, and cybersecurity software startup Snyk.
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Automation software Workato was valued at $ 5.7 billion in a fundraiser this month and cloud-based software platform ActiveCampaign raised funds at a valuation of $ 3 billion earlier this month. year.
“The market was looking for a new platform to solve security monitoring issues such as high cost, difficulty to scale and extensibility, and the shift to remote working has made these challenges worse, âNaglieri told Reuters.
Panther Labs plans to use the latest funding to accelerate product development and expand adoption of the company’s products.
Report by Mehnaz Yasmin in Bangalore; Editing by Shinjini Ganguli
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