Panther Labs, a cloud-scale security analytics platform, announced $120 million in Series B funding, which will be used to fuel market expansion, bringing its fast, flexible and scalable platform for threat detection and incident response to security teams everywhere.
The round was led by Coatue Management, with new participation from ICONIQ Growth and Snowflake Ventures along with continued support from Lightspeed Venture Partners, S28 Capital, and Innovation Endeavors. This puts Panther at a $1.4 billion-dollar valuation.
Jack Naglieri, CEO and founder of Panther Labs, said: “Rapid cloud adoption has transformed the way businesses operate and security teams are overwhelmed by increasing data volumes and an ever-expanding attack surface.
“Legacy SIEM platforms weren’t built for the cloud and can’t deliver the speed, scale, and flexibility needed by modern security teams.
“Our Series B is a significant step forward in accelerating our mission of providing fast, flexible, and scalable security monitoring for all teams. Our new funding will further enable us to invest in product innovation and customer support, allow for rapid organizational growth, and support the continued success of our current customers and those to come.”
In the last year, Panther grew their customer base by 300% and is trusted by organisations including Dropbox, Zapier, Snyk and more. Additionally, the company expanded their team 4x as a remote-first company and introduced a tailored version of their product for AWS security teams. Snowflake also named Panther as its Cybersecurity Partner of the Year 2021.
“We think Panther has all of the ingredients to be a disruptive force in the security marketplace: in addition to product/market fit, they have a team that executes well and a goal of consistently providing an exceptional customer experience,” said David Schneider, a General Partner at Coatue. “We’re proud to support them in their next phase of growth and are excited about what they have planned for the future.”
Omer Singer, Head of Security Strategy at Snowflake, added: “Panther’s cloud-native approach to security has helped our joint customers achieve threat detection and response at scale. As a partner, investor, and customer, Snowflake looks forward to supporting Panther in their next chapter to have an impact in the security industry.”
Panther’s recent State of SIEM 2021 report underscored the challenges security teams face with traditional SIEM platforms. 18% of security practitioners indicated it took more than 12 months for deployment and implementation of their SIEM solution, 24% said the biggest challenge with their SIEM platform was too many alerts, and 46% said cost versus capabilities do not align at their organisation.
“I’ve spent my career working on this problem and built Panther to help solve the pains of security monitoring at cloud-scale. I couldn’t be more excited about our next stage of hyper-growth to empower modern security teams with a modern solution built on cloud-native principles and detection-as-code,” added Naglieri.
Panther Labs was incubated at S28 Capital, and inspiration for the product came from Naglieri’s work at companies like Yahoo and Airbnb. While at Airbnb, Naglieri built an open source project called StreamAlert, which enabled the security team to collect and analyse security logs with a cloud-native engine to overcome scale, administration and cost challenges. Early Panther team members include engineers from Amazon and CapitalOne who worked to address similar challenges within those organizations.
