JupiterOne scores $70M series C funding, achieves unicorn status
Cloud security solutions are experiencing increased “growth and adoption.” Cybersecurity platform JupiterOne is using graphs to capitalize on this.
The global annual cost of cyber crime is estimated to be $6 trillion per year, or 1% of the Global GDP. At the same time, cloud computing is rapidly becoming the dominant model used by business both to develop new services and to host data and applications. Cloud computing dominates, but security is a challenge.
“As organizations continue to increase their reliance on the cloud to centralize their operations, cloud security solutions are seeing tremendous growth and adoption,” Erkang Zheng, founder and CEO of JupiterOne, said.
“In addition, the need to strengthen defenses — in advance of macroeconomic changes that could result in an increase in financially-motivated attacks — boosts the demand for cybersecurity software, especially for cloud environments that hackers may find more convenient to penetrate.”
This is how Zheng justifies JupiterOne’s estimated valuation of over $1 billion, which comes after today’s announcement of a $70 million Series C funding round. Although unicorns are not what they used to be, with the cybersecurity domain alone listing over 50 of them, this market offers plenty of room.