£12m raised by cybersecurity start-up for extensive expansion
In a recent funding round led by Kayne Anderson Capital Advisors, cybersecurity start-up Proficio has raised £12m with a view to enhancing its "geographical presence" globally and offering additional services. Proficio co-founder Tim McElwee said: "We will continue our focus on delivering innovative solutions that help our customers protect, detect and respond to cybersecurity threats". With several high-profile security hacks seen this year, cybersecurity is becoming increasingly important for businesses to ensure they are protected against future breaches, amidst predictions the sector could be lacking 1.5 million experts by 2020.

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Proficio, a cybersecurity startup specializing in managed detection and response (MDR) services, has raised $12 million in a round led by Kayne Anderson Capital Advisors.

Founded in 2010, Carlsbad, Calif.-based Proficio offers a range of services geared toward thwarting cyberattacks when they happen, as well as threat intelligence that seeks to prevent attacks before they occur. The company had previously raised a modest $1.1 million seed round, and with this fresh cash injection, Proficio says it will seek to grow its “geographical presence” in the Americas, Europe, and Asia-Pacific (APAC), as well as bringing new services to market.

“We will continue our focus on delivering innovative solutions that help our customers protect, detect, and respond to cybersecurity threats,” said Tim McElwee, cofounder, president, and chairman of the board at Proficio, in a press release. “In the first half of 2017, we plan to introduce new services and platforms leveraging advanced analytics, threat intelligence, and orchestrated incident response.”

The year 2016 has ushered in a wealth of cybersecurity investments. Shape Security recently closed a $40 million round from some big names, including GV (Google Ventures) and Eric Schmidt, while LogRhythm raised $50 million for its tools that detect and prioritize the neutralization of online security threats. Elsehwere, StackPath raised $150 million; PhishMe nabbed $42.5 million; SafeBreach slurped up $15 million; Cylance attracted $100 million; Bay Dynamics secured $23 million; Darktrace raised $65 million; Post-Quantum swallowed $8 million; and SecurityScorecard drew in $20 million.

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Cybersecurity is undoubtedly a hot topic, in the wake of many high-profile breaches, which is why we’re seeing an uptick in resources allocated to addressing these threats. Some firms are also contemplating the anticipated future shortage in cybersecurity experts, with reports suggesting that the industry could be short 1.5 million personnel by 2020.

“Proficio is changing the way organizations meet their IT security and compliance goals by providing the most advanced cybersecurity solutions without the cost and complexity of acquiring sophisticated software or operating a 24×7 Security Operations Center on their own,” added Nate Locke, partner at Kayne Partners Fund, which is also now joining Proficio’s board of directors.