With a $60m investment from Insight Partners, Keeper aims to accelerate product innovation and development while expanding its global customer base.
On Monday (17 August), Chicago cybersecurity start-up Keeper Security announced the close of its first funding round since its inception in 2011.
The funding was a $60m minority investment by Insight Partners, which aims to help Keeper further accelerate product innovation and development while catalysing the expansion of the company’s global customer base of consumers and businesses.
Thomas Krane, principal at Insight Partners will join Keeper’s board of directors as a result of the investment. No other terms of the private transaction have been disclosed.
Keeper’s technology platform is used to prevent password-related data breaches and cyberthreats through a digital vault system. The company was founded by Craig Lurey and Darren Guccione.
Growing cybersecurity challenges
The company believes that the funding will support it at a “critical” time, with a changing infosec landscape as a result of the Covid-19 pandemic.
Guccione, who acts as CEO of the start-up, commented: “The past four months have resulted in history’s most pervasive cybersecurity challenge. 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.”
The Keeper CEO said that this is transforming the cybersecurity industry at a “rapid” pace, and that it is becoming even more essential to safeguard people and businesses.
In the past year, Keeper has hired 120 additional employees to deal with its growth and expansion and has seen business continue to grow despite the global economic downturn caused by Covid-19.
“With the support of Insight Partners and the planned synergy, we’re well-positioned to bring new, unique and increasingly critical cybersecurity solutions to new and existing customers, globally,” Guccione said.
Commenting from Insight Partners’ perspective, Krane said: “Keeper’s impressive growth and business stability, despite the global pandemic, is driven by its ability to deliver products that exceed their customers’ needs and expectations. We look forward to supporting Keeper in its continued growth.”
The start-up has customers in more than 100 companies, who use its platform for password security, dark web monitoring, secure file storage, single-sign-on (SSO) integration and security-event reporting.