Lacework, a four-year-old developer of automated containerized workload defense, intrusion detection, and compliance solutions, today announced that it closed a $525 million funding round valuing the company at over $1 billion. CEO Dan Hubbard said the capital, which comes after a year in which Lacework saw revenue grow 300%, will accelerate Lacework’s product development efforts as it expands go-to-market, partner ecosystem operations, engineering, and R&D teams across the U.S. and Europe.
Roughly 83% of enterprise workloads have moved to the cloud, according to a 2020 survey from LogicMonitor. But the cloud remains vulnerable to cyberattacks. IBM found last year that the average time to identify a breach was 206 days. And Gartner predicts that 50% of companies will unintentionally expose components of their cloud applications and infrastructure to the internet in 2021, up from 25% in 2018.
Lacework’s platform aims to close security gaps across devops and cloud environments by identifying threats targeting cloud servers, containers, and accounts. Its agent provides visibility into running processes and apps, using AI to detect anomalous behavior. Concurrently, the agent monitors for suspicious activities like unauthorized API calls and the use of management consoles and admin accounts, ensuring networks remain secure by limiting access to vulnerable ports and enforcing “least access” privileges.
Read more: Lacework raises $525 million to automate cloud security and compliance