By Krystal Hu
(Reuters) – Cloud security startup Sysdig has raised $350 million in its latest funding round from investors led by the growth fund of private equity firm Permira, the company said late on Tuesday.
The fast-growing security vendor has doubled its valuation to $2.5 billion since its last private fund raising in April, as more enterprises continue to transition to cloud applications and demand more comprehensive security solutions.
The company also said it has hired Karen Walker from PagerDuty as its chief financial officer, as it eyes an eventual path to the public market.
“It’s become clear to us that we want to be ready to go public and then we can make the choice on when is the right time,” said Suresh Vasudevan, chief executive at Sysdig.
Based in San Francisco, Sysdig provides unified interface to detect real-time threats and offers one-click remediation to eliminate security blind spots throughout the development and production cycle. It now serves nearly 700 enterprise customers, including Goldman Sachs and SAP.
The company did not disclose its revenue, but said its customer base has more than doubled in the past year, and it has seen higher spending from existing customers as they adopt more cloud applications. More than half of its revenue comes from the U.S. market.
The eight-year-old company plans to use the funding to expand its footprint in regions including the Middle East and Asia, with its global headcount doubling in 2022.
“The global expansion of cloud deployments by our customers in the pandemic means that the market for securing those applications is growing extremely rapidly,” said Vasudevan.
Founded in 2013, Sysdig competes with Palo Alto Networks and Datadog. It has raised $744 million in total funding, counting Accel and Bain Capital Ventures as its backers.
Alex Melamud, a partner at Permira who led the investment, will join the board of Sysdig.
(Reporting by Krystal Hu in New York; Editing by Christian Schmollinger)
