October 4, 2023
Cybersecurity startup Lumu has closed its series B funding round with $30 million to develop and expand its network-monitoring technology.
The round was led by Forgepoint Capital with participation from existing investors BIP Ventures, Exceptional Capital and SIMMA Capital. The latest investment brings the total funding raised to $38 million.
In addition to continuing the research and development into its cybersecurity tech, the funds will also be used to expand the company’s sales team in the U.S., and its “go-to-market strategy.”
The announcement comes as cyberattacks are on the rise. Ransomware payouts this year are set to reach almost $900 million, the second highest figure ever recorded, according to Lumu.
As a result, businesses are ramping up investments into cybersecurity solutions to meet the changing landscape, though Lumu said the majority of point solutions available are “an unfocused mix that is ineffective at stopping attacks,” its tech is intended to provide a streamlined and holistic solution.
Lumu’s tech continuously monitors network traffic to provide real-time insight into a company's assets, allowing analysts to “more effectively identify and automate responses” to network threats, using their existing security stacks.
“Security operations center analysts face soaring alert volumes and false positives amid high-pressure situations where small mistakes have severe consequences,” said Ricardo Villadiego, Lumu’s CEO. “I founded Lumu with the belief that a paradigm shift was needed in cybersecurity and I’m thrilled to see the market and investors recognizing our network-centric approach to threat detection and response as well as security analyst-focused experience.”
“Zero trust deployments have been challenged with limited visibility into threat actors affecting users beyond the traditional defenses,” said Leo Casusol, Forgepoint Capital’s managing director. “Lumu brings these attack vectors to light, easily integrates with other defense tools, and provides real-time compromise visibility across all stages of the kill chain.”
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