Digital Shadows raises $26 million to expand its digital risk management service
Digital Shadows, the industry leader in digital risk management, today announced it has raised $26 million in a Series C funding round to expand the capabilities of its SearchLight digital risk management service and fuel global expansion.
Led by Octopus Ventures, with participation from World Innovation Lab, Industry Ventures and all of Digital Shadows’ existing investors, the funding will support company growth and support its continued commitment to protecting organisations with the best and most comprehensive digital risk management solution in the industry.
Luke Hakes, investor at Octopus Ventures, will be joining the board of directors.
“Digital Shadows is a world-leader in digital risk management, and continues to innovate across all verticals and geographies in a highly competitive space. We are seeing growing demand for this service across our portfolio of technology companies, and we think Digital Shadows are best-placed to meet this considerable opportunity,”said Will Gibbs, Investment Manager at Octopus Ventures.
Digital Shadows has continually invested in its market leading SearchLightTM service which combines scalable data analytics with human analysis to give customers the context and awareness they need to protect their digital footprint from digital risks including cyber threats, data exposure, brand exposure, VIP exposure, infrastructure exposure, physical threat, and third party risk. Recently, Digital Shadows added mobile application support and increased Dark Web capabilities, and the latest funding will speed up the rate of innovation further to provide even more value to customers.
”Risk management is an increasing area of focus for most organisations, as risk profile complexity and interconnected relationships grow explosively," according to John A. Wheeler and Rob McMillan, Gartner analysts. "To understand the full scope of risk, organisations require a comprehensive view across all business units and risk and compliance functions, as well as key business partners, suppliers and outsourced entities. As a result, new technology solutions are emerging to increase the collaborative nature of risk management, both within and external to the organisation.“
“Digital Shadows provides the most complete and adaptable service when it comes to helping us manage our digital risks,” said Sascha Maier, IT & Information Security Manager at IWC Schaffhausen. “This is crucial for protecting our intellectual property, brand, and reputation as we digitally transform our business.”
‘This funding event is a huge milestone for Digital Shadows so we can expand our lead to offer the best digital risk management service in the industry,’ said Alastair Paterson, CEO and co-Founder of Digital Shadows. ‘We are excited to have the support of the likes of Octopus, World Innovation Lab and Industry Ventures as we embark on the latest phase of our development and continue to expand our geographic coverage and SearchLight service to help our customers manage their digital risk to protect their business, brand and reputation.’