Le Lézard
Classified in: Science and technology
Subjects: Contract/Agreement, Funding

Lacework Closes a $525 Million Growth Round to Scale Up Infrastructure Security for the Cloud Generation


Lacework, the security platform for the cloud generation, today announced a $525 million growth round with a valuation of over $1 billion. Led by Sutter Hill Ventures and Altimeter Capital, and joined by D1 Capital Partners, Coatue, Dragoneer Investment Group, Liberty Global Ventures, Snowflake Ventures and Tiger Global Management, the round reflects Lacework's accelerated adoption among digital businesses building on Amazon Web Services (AWS), Microsoft Azure, Google Cloud, and Kubernetes.

Lacework is trusted by cloud-based businesses such as Brightcove, LendingTree, Veeva Systems, and Pure Storage. The investment round will be used to accelerate the strategies that drove Lacework's 300%+ revenue growth in 2020, expand its go-to-market and partner ecosystem operations, and grow its engineering and R&D teams across the US and Europe.

Constant Changes in the Cloud Require a Fundamental Shift In Security with Data Processing at Scale

Applications built on cloud infrastructure services are complex and change constantly, which makes securing cloud workloads and services at scale impossible when relying on manual tasks and disparate tooling. With the worldwide adoption of public cloud infrastructure as a service forecasted to grow from $51 Billion in 2020 to $82 Billion in 2022, comes a heightened demand for cloud security and compliance. Gartner, Inc. also anticipates that "99% of all cloud security failures will be the customer's fault through at least 2023," with 50% of companies unintentionally exposing components of their own cloud applications and infrastructure to the internet in 2021, up from 25% in 2018.

Lacework was built to see and understand cloud changes at scale without requiring manual interventions by security teams every time a new cloud service or technology is adopted. It gives customers the visibility, context, and telemetry needed to quickly assess cloud security postures, prove compliance, secure cloud workloads, and investigate anomalous activity or answer an auditor's question all in one place.

Lacework is built on Snowflake, and its Polygraphtm security architecture understands and detects threats in cloud applications and infrastructure by applying automation and machine learning to tackle the massive scale of security data processing required to record and analyze constant changes in the cloud. As a result, Lacework customers are able to reduce false positives by up to 98% and investigation time by over 90%. With functionality that reaches across the Cloud Security Posture and Cloud Protection Platform markets, 80% of new Lacework customers replaced two or more point products in 2020.

The next phase of Lacework's growth will focus on extending its market-leading SaaS security platform and expanding into new adjacent spaces, all with a focus on enabling customers to innovate in the cloud with speed and safety. Furthermore, the investment will enable Lacework to deliver additional integrations across the devops toolchain and into security data lake initiatives for Snowflake customers.

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About Lacework

Lacework delivers security and compliance for the cloud generation. The Lacework Cloud Security Platform is offered as-a-Service and delivers build-time to run-time threat detection, behavioral anomaly detection, and cloud compliance across AWS, GCP, Azure, and Kubernetes services, workloads, and containers. Trusted by enterprise customers worldwide, Lacework significantly drives down costs and risk, and removes the burden of unnecessary toil, rule writing, and inaccurate alerts. Lacework was founded in 2015 and is backed by Altimeter Capital, AME Cloud Ventures, D1 Capital Partners, Coatue, Dragoneer Investment Group, Liberty Global Ventures, Spike Ventures, Sutter Hill Ventures, Snowflake Ventures, Tiger Global Management, and the Webb Investment Network (WIN). It is based in San Jose, California. Get started at www.lacework.com.


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