Hexadite, a cyber security company which automates the process of threat detection and response, announced the Series A round worth $8 Million led by Hewlett Packard Ventures. The round also saw the participation from Ten Eleven Ventures and YL Ventures. YL Ventures had also led the seed round for Hexadite.
Hexadite is primarily a cyber security company which automates the process of detecting and replying to a threat. The automated process saves time of large enterprises, because on an average, over 35% of large companies get over 10,000 threats every month. Analysing all those threats humanly is not possible and hence, players like Hexadite come into play.
Talking to the media, the CEO of Hexadite was very happy about the inclusion of HP as an investor. He feels that HP’s backing will now improve the credibility and help them convince larger enterprises for long term deals.
Hexadite, with the raised funds, plans to double the team size with investment in R&D and sales. The company has around a dozen customers in various segments and with the latest round, the number seems to multiply in the months to come.