Rapid7 Roars Ahead with $50M for Security Software Expansion
If you’re a cyber security company, get your funding while it’s hot. On the same day security software firm CounterTack (fka NeuralIQ) said it is moving from DC to the Boston area and taking a venture round, Boston-based Rapid7, a security assessment software company, says it has raised a $50 million Series C round from new investor Technology Crossover Ventures, based in Silicon Valley.
Rapid7 says the new money will be used to hire talent, accelerate product innovation, expand internationally, and make strategic acquisitions (let’s keep an eye on this—clearly a plan to go big). The company previously raised $7 million from Bain Capital Ventures in 2008, as well as a $2 million follow-on round last year.
The idea behind Rapid7’s software is to scan an organization’s entire IT infrastructure—including routers, hubs, networks, operating systems, databases, and Web applications—to find security holes and patch them. It also checks whether a company’s systems are in compliance with accounting and privacy regulations.
Rapid7 started in 2000 and is led by CEO Mike Tuchen. The firm has raised $59 million to date and says it has more than 200 employees.