Ventures portfolio company Lacework raises $1.3 billion
Liberty Global Ventures company Lacework has raised $1.3 billion in growth funding at a valuation of $8.3 billion.
With this capital, which is the largest funding round in security industry history, Lacework will continue to invest in rapidly scaling its business globally, building on recent momentum of more than 3x year-over-year revenue growth, a 3.5x year-over-year increase in new customers, and more than 3x year-over-year employee growth worldwide.
Lacework will use this funding to extend its lead in the cloud security market by fueling product innovation that expands the company’s total addressable market and pursuing additional strategic acquisitions.
The founding thesis of Lacework is that cloud security is fundamentally a data problem. Solving this problem – brought on by the enormous scale, evolving technologies, adaptive infrastructure, and constant change of cloud environments – requires rethinking the traditional approach to security. The Lacework Cloud Security Platform is the only technology that integrates security natively from code to run time and is fueled by Polygraph®, a data-first patented machine-learning engine that delivers less noise, lower risk, and higher ROI.
“Our growth over the last 18 months reflects the pain many businesses endure as they attempt to navigate the cloud using security products that simply aren’t designed for it. This investment, and the partnership of these long-term investors, will help us realize Lacework’s promise of becoming the most trusted cloud security platform,” said David Hatfield and Jay Parikh, Co-CEOs, Lacework.
Ankur Prakash, Partner, Liberty Global Ventures commented: Huge congratulations to Lacework on achieving this significant milestone; Liberty Global Ventures has been an active investor since 2018 and is proud to see the company go from strength to strength. We are also excited that our operating companies are currently using Lacework to secure our intelligent WiFi cloud services and we are exploring other applications as well. We look forward to working closely with Lacework’s management team in the company’s next phase of growth.”
This Series D round was led by existing investors Sutter Hill Ventures, Altimeter Capital, D1 Capital Partners, and Tiger Global Management with participation from new investors including Counterpoint Global (Morgan Stanley), Durable Capital, Franklin Templeton, General Catalyst, and XN. Coatue, Dragoneer, Liberty Global Ventures, and Snowflake Ventures, all existing investors, also participated.
