Tenable Network Security announced it raising $250 million in Series B round of funding led by Insight Venture Partners and Accel Venture Partners. These two venture capitals are the most active investors in the security industry that has experienced rapid growth in the past few years.
Founded in 2002, Tenable Network Security is well-known for developing software that allows real-time network monitoring to detect hackers and other malicious actors that try to breach systems thereby controlling risks and for others ensuring compliance. The company has a flagship product SecurityCenter Continuous View that functions as a virtual, cloud-based dashboard to keep a track of the network activity and to make quick decisions when there is a risk of an attack on both the endpoint and network level.
With the fresh funds raised, Tenable which is already operating in 10 countries plans to expand it further entering into new territories. It plans to cover countries like China, Mexico, Ireland, Sweden, the UAE and India. It also plans to invest in product development and expand horizontally and vertically.
In the statement, Ron Gula, CEO of Tenable Network Security said, “The round is a testament to the quality of our products and team. We’re proud to have crossed $100M in annual billings this year and are growing billings and headcount at over 50% a year. We now have more than 1 million Tenable users and 20,000 customers worldwide. This investment will be used to accelerate product development and further the Company’s global growth, as we strive to build the go-to platform for next-generation security software.”
Richar Wells, a managing director at Insight Venture Partners said, “Security and vulnerability continues to be one of the largest concerns for companies across all sectors. Tenable fits clearly within our strategy of investing in growing companies that are providing large global industry solutions.”
The recent uproar for this type of security has fueled Tenable’s growth in recent years. Billing has grown 50% over the last year.