Lumu Technologies Inc., a startup that helps companies more quickly spot cyberattacks targeting their networks, has raised $30 million in new funding.

The capital was provided in the form of a Series B round that Lumu announced this morning. Forgepoint Capital, a venture capital firm active in the cybersecurity market, led the investment. It was joined by BIP Ventures, Exceptional Capital and SIMMA Capital.

“SOC analysts face soaring alert volumes and false positives amid high-pressure situations where small mistakes have severe consequences,” said Lumu founder and Chief Executive Officer Ricardo Villadiego. “I founded Lumu with the belief that a paradigm shift was needed in cybersecurity.”

Lumu provides a cybersecurity platform that uses artificial intelligence to detect hacker activity in corporate networks. The company says its platform can spot threats across cloud and on-premises infrastructure, employee endpoints such as workstations and connected devices. The software is also capable of spotting malicious emails.

Besides detecting hacking attempts, Lumu can also block them automatically using integrations with external cybersecurity tools. If one of a company’s servers is found to be sending sensitive data to an unknown domain, the platform can instruct the corporate firewall to block the connection. Lumu says its platform also integrates with other types of cybersecurity systems. 

After remediating a breach, information technology teams often carry out so-called threat hunting exercises. Those are investigations designed to uncover any backdoors the hackers may have left behind to facilitate future cyberattacks. Such backdoors, which can range from dormant malware to newly created administrative accounts, are often difficult to detect.

Lumu says its platform simplifies the threat hunting workflow. After spotting a breach, the platform displays a list of all the systems that were compromised and highlights how malware spread from system to system. This centralized view can reduce the risk of administrators accidently overlooking breached devices.

According to Lumu, its platform also provides additional technical information about each cybersecurity incident. It displays what tactics the hackers used and whether they may be associated with a specific cybercrime group. Administrators can use this information to find ways of making their company’s breach prevention efforts more effective. 

The platform is gaining significant market traction. According to TechCrunch, the company’s revenue grew 133% in the past year thanks to strong customer demand, though the absolute amount of revenue wasn’t revealed. There are more than 880 deployments of the company’s platform worldwide. 

The $30 million round announced today will enable Lumu to expand its market presence. The company plans to invest the capital in sales, marketing and product development initiatives. 

Image: Lumu