Keeper Security closed on its first equity raise, a $60 million minority investment by Insight Partners, the company reported on Monday.
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Chicago-based Keeper, founded in 2011, provides a cybersecurity platform for preventing password-related data breaches and cyberthreats. The company, led by co-founder and CEO Darren Guccione, said it will use the new funding for product development and customer acquisition.
“The past four months have resulted in history’s most pervasive cybersecurity challenge,” Guccione said in a written statement. “As businesses have shifted their operations online and people have adapted to remote work and social distancing, cybercriminals have executed their attacks at record rates. It’s forcing a rapid transformation and growth in the cybersecurity industry–one that is essential to safeguard people and businesses.”
IBM’s Cost of a Data Breach Report 2020 said the average total cost of a data breach is $3.9 million. In addition, the average time to identify and contain a breach is about 280 days.
Keeper said it added 120 employees to its team over the past year as a result of rapid growth and expansion. In addition to enterprise customers, the company’s offerings are available for individual users via the Apple App Store and Google Play. Customers can access password security, as well as dark web monitoring, secure file storage, single-sign on integration, and security-event reporting.
As part of the investment, Insight Partners Principal Thomas Krane will join Keeper’s board of directors.
“As the lines blur between where we live and where we work, businesses and consumers look to Keeper for critical cybersecurity protection,” Krane said in a written statement. “The value that Keeper provides to its customer base has never been clearer.”