Cybersecurity firm Lumu announced today that it has secured $30 million in funding in a Series B round led by Forgepoint Capital, with $6 million in debt financing. Lumu, founded by Ricardo Villadiego, aims to assist enterprises in identifying and isolating security breaches. The funding will be used to expand Lumu’s sales team in the United States, support its go-to-market strategy, and increase investments in research and development.
Key Takeaway
Lumu, a cybersecurity firm, has raised $30 million in funding to enhance its network intrusion detection capabilities. The funding will be used to expand Lumu’s sales team, support its go-to-market strategy, and invest in research and development. Lumu’s technology continuously monitors networks for signs of compromise and provides customers with comprehensive information about compromised assets. The cybersecurity market is experiencing sustained demand, with organizations increasing their budgets to improve their defenses.
Focusing on Network Threats
Lumu’s founder and CEO, Ricardo Villadiego, developed the technology behind Lumu after studying patterns of corporate data breaches. He recognized that cybercriminals rely on networks to carry out attacks, leading him to create a technology that continuously monitors for signs of compromise in networks. Lumu now offers a range of services to defend against cyber breaches and provides comprehensive information about compromised assets, including details about when and how the compromises occurred.
Simplifying Cybersecurity
Lumu aims to simplify the cybersecurity conversation within organizations and provide clear guidance. The platform allows customers to automate defense activities using their existing cybersecurity tools and review historical network metadata for signs of suspicious activity. Lumu’s interface is designed to accommodate users with varying levels of technical expertise, making it accessible to operators at different skill levels.
Market Demand and Customer Momentum
The cybersecurity market is experiencing sustained demand, with organizations increasing their cybersecurity budgets. A recent Cisco survey revealed that 86% of organizations plan to increase their cybersecurity spending by at least 10% over the next year. Despite a dip in VC financing for cybersecurity, Lumu has exhibited strong customer momentum, with 881 live deployments and a 133% growth in annual recurring revenue year-over-year as of September.
