Cyber Security Industry News

TMCNet:  Respond Software Raises $20 Million to Meet Growing Demand for Robotic Decision Automation in Security Operations

[May 14, 2019]

Respond Software Raises $20 Million to Meet Growing Demand for Robotic Decision Automation in Security Operations

MOUNTAIN VIEW, Calif., May 14, 2019 /PRNewswire/ -- Respond Software, innovators in Robotic Decision Automation (RDA) software for security operations, today announced a $20 million Series B funding round led by ClearSky Security. This investment will be used to accelerate go-to-market operations and to expand customer success teams across the globe. Jay Leek, managing director for ClearSky Security and former CISO of Blackstone, will join Respond Software's Board of Directors.

Mike Armistead, CEO, Respond Software, and Jay Leek, Managing Director, ClearSky Security

"We founded Respond Software to give cybersecurity teams a product that emulates – at scale – the judgement of expert security analysts, effectively giving those operations an extra team to help defend their organization," said Mike Armistead, CEO, Respond Software. "This new funding will enable us to deliver on the tremendous response our RDA software has received thus far, so more security teams can monitor and triage security events 24/7/365 at unprecedented speed, scale and consistency. We're also thrilled to have Jay Leek as part of our team for the next phase of this journey – we look forward to reaping the benefits of his passion and expertise."

This latest round, including participation from previous investors CRV and Foundation Capital, further validates Respond Software's innovative approach to supporting today's resource-strapped security teams. The company's flagship product, the Respond Analyst™, deploys quickly and increases the capabilities and capacity of existing security teams – on average adding 14 full-time, 24/7/365 expert security analysts to every team it serves – at a significantly lower cost than existing in-house methods or managed security service providers.


"The lack of skilled security analysts, coupled with the exponential growth of security-related data, has enterprises in crisis mode and increasingly recognizing that the status quo won't cut it," said Jay Leek, Managing Director, ClearSky Security. "Respond Software's RDA software for security operations is the missing link in today's automation portfolio, as it performs like a virtual team of expert analysts 'in a box,' allowing companies to immediately expand their security operations cost-efficiently."

Respond Software is now well poised to capitalize on the rapidly-growing incident response market that is projected to expand to $33.75 billion by 2023. The new funding follows a marquee year of significant growth for Respond Software, including being named in Gartner's Cool Vendors in Security Operations and Vulnerability Management report, 6X year-over-year customer growth and significant employee expansion in security research, engineering and marketing. The Respond Analyst is currently deployed in numerous Fortune 500 Companies with large Security Operation Centers (SOCs) as well as resource-constrained mid-enterprise companies nationwide.

To learn more about Respond Software's real-time security analysis solutions visit: https://respond-software.com/.

About Respond Software

Respond Software delivers near-instant return on investment to organizations in their battle against cyber-crime. As a leader in the emerging class of automated software known as Robotic Decision Automation (RDA), Respond Software is working to address the critical shortage of skilled security analysts impacting security teams of all sizes. Its patented intelligent decision engine, PGO®, uniquely combines human expert judgement with the scale and consistency of software to dramatically increase capacity and improve monitoring and triage capabilities at a fraction of the cost of in-house or outsourced personnel. Respond Software was founded in 2016 by security and software industry veterans and services customers across critical infrastructure sectors such as banking, energy, and retail. https://respond-software.com/

 

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SOURCE Respond Software


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