SAN FRANCISCO, CA, Qadium, the first automated global Internet intelligence company, announced today that it has raised $40 million USD in Series B funding led by IVP.
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IVP is joined by new investor TPG Growth. Prior investors New Enterprise Associates (NEA), Founders Fund, Susa Ventures, and angels also participated.
Qadium indexes every device on the public Internet every hour, similar to how search companies crawl web pages. It uses these data to continually monitor the global Internet for large organizations' true network boundary, surfacing comprehensive information about all of an organization's Internet-facing risks. Critically, this includes risks not tracked by any other system or vendor, including shadow IT, misconfigurations in cloud hosting, unauthorized or unmonitored Internet of Things (IoT) equipment, regional offices and subsidiaries violating policy, "lost" devices due to M&A events, and more. A rapidly growing ecosystem, IDG projects approximately 30 billion "things" connected to the Internet -- nearly 3x growth -- in five years.
"Our technology would have been impossible just a few years ago," says Co-Founder and CTO Matt Kraning. "Now, we leverage distributed and massively parallelized computation to monitor the global Internet in real time. It's the first game-changer in a decade for defenders in cyberspace, allowing them to find and fix risks faster than attackers can exploit them."
Beyond-the-firewall device discovery is a rapidly growing and underserviced market, according to Stephen Gold, Executive Vice President and Chief Information Officer of CVS Health. "Enterprises are faced with a new era of Internet-based threats that require investment in new approaches, including Internet-scale monitoring, to counteract them. We are pleased to partner with Qadium as they give us a more complete view of potential threats to our network."
In its first year on the market, Qadium sold its SaaS product, Expander, to a wide range of Fortune 500 companies and government agencies. Its customer base now includes CVS, PayPal, Capital One, Allergan, and Fluor, among others in banking and other financial services, IT manufacturing, commercial real estate, software, healthcare, and more. Qadium is also deployed at multiple government agencies, including US Cyber Command, the premier cyber operations arm of the US military.
Qadium previously raised a $20 million USD Series A round led by NEA in 2016 to build its team and secure initial adopters of its technology. "We saw healthy interest in this round, with IVP preempting us ahead of a process, and NEA investing more than their pro rata," says Tim Junio, the CEO and Co-Founder of Qadium. "Prior rounds were a bet on the vision that we'd be able to monetize persistent monitoring of the entire Internet's surface area; since then, our sharp uptick in initial sales affirms our intuition was on the right track."
"Every large organization needs to be running Qadium across their global network," says Somesh Dash, General Partner at IVP. "It turns out that despite years of massive increases in security budgets, large organizations still can't understand what their network boundaries really are. Qadium built the first product that definitively shows the world's largest enterprises and government organizations complete visibility around their own networks. Seeing Qadium's product for the first time is a truly magical moment - we couldn't be more enthusiastic about the company's future prospects."
The Series B funding will be used to focus the company's efforts on sales and marketing in addition to continuing to grow its engineering and product teams. Qadium generated multiple millions of dollars in subscription revenue in its first year of sales with no money spent on marketing. "It's time to invest in communicating what we do and why every large organization needs it," said Junio.
Headquartered in San Francisco, Qadium is leveraging its technology to secure the public Internet with real-time detection and classification of connected digital assets and the risks they pose to the largest organizations in the world. The company sells subscriptions of Expander, its browser-based SaaS product and associated integrations, starting at $250,000 USD per year and ranging to over $1 million USD for its largest customers. Expander surfaces facts in their relevant context regarding customers' true network boundary in real time, and pushes prioritized alerts. Qadium has raised $65 million USD since 2015.