As Security Booms, Onapsis Gets Cash to Stop Corporate Cyber Attacks
Another day, another cybersecurity company to have on your radar—especially if you are concerned about things like corporate espionage, financial fraud, and international hackers stealing your intellectual property.
These are huge problems, and Onapsis is trying to do something about it. Now, the Boston startup says it has raised $17 million in Series B funding, led by Evolution Equity Partners. Previous investor .406 Ventures also participated in the round, along with new investor Arsenal Venture Partners. The cash—some of which has been reported previously—brings Onapsis’s total raised to $30 million since its founding in 2009, the company says.
A small company like Onapsis will need every penny. What it does is secure SAP- and Oracle-based applications for big corporations. That means protecting software for enterprise resource planning, customer relationship management, supply chain management, and business intelligence—areas that are quite vulnerable to hackers, particularly in the era of cloud-based models, mobile devices, and the Internet of Things.
It sounds like the startup’s security approach includes both threat detection and response, among other things—meaning it handles protection as well as what to do after you’ve been hacked. The company’s customers span fields such as retail, energy, manufacturing, and consulting. They include Bacardi, Levi’s, Nvidia, Sony, Verizon, and Westinghouse.
Onapsis is led by CEO and co-founder Mariano Nunez, a longtime computer and network security expert. The company says its revenue increased 130 percent year-over-year in 2014—granted, it’s a startup—and that it has helped SAP and Oracle solve more than 50 security vulnerability problems. Onapsis plans to grow to 100-plus employees by the end of 2015.
The company joins a full stable of Boston-area cybersecurity companies and organizations, including Bit9, CyberArk, Rapid7, Veracode, Resilient Systems, CounterTack, Cybereason, Digital Guardian, Recorded Future, Sqrrl, Threat Stack, RSA (part of EMC), and IBM Security.