Security automation startup Phantom raises $13.5M Series B round


Palo Alto, California-based startup Phantom Cyber Corp. said Tuesday it has raised $13.5 million to push ahead with its community-powered security automation and orchestration platform.

The Series B funding was led by Kleiner Perkins Caufield & Byers and included TechOperators Venture Capital, Blackstone, Foundation Capital, In-Q-Tel, Rein Capital, Zach Nelson and John W. Thompson.

Founded in 2014, Phantom aims to close the security gap by enabling Enterprise Security Operations to be “smarter, faster and stronger.” The company’s platform integrates into existing security technologies in order to provide a layer of “connective tissue” between them. The company claims that streamlines security operations through the executions of digital “playbooks” that it claims can achieve in seconds what may usually take minutes to hours to deliver using various other products.

“Security teams are suffocating from the growing volume and velocity of security alerts,” Kleiner Perkins General Partner Ted Schlein said in a statement. “Lack of integration between point products and a shortage of skilled security professionals only exacerbates the problem and makes it all but impossible to respond. Most enterprises are looking at security automation and orchestration to address these challenges.  Phantom’s open and extensible platform is the clear leader in this emerging market.”

Phantom now offers more 100 apps used to integrate point products covering reputation services, endpoint technologies, sandboxes, firewalls, and common mobile, virtual and cloud-based security solutions. Those apps allow Phantom customers automate nearly all security use cases, including investigation, containment and patch and vulnerability management.

Including the new round, Phantom has raised $22.7 million to date. The company said it would use the new funding to accelerate growth in sales, marketing and engineering.

Image courtesy of Phantom