Security analytics platform Panther Labs raises $120 mn

Panther Labs, a security analytics platform, has raised $120 million in fresh capital as part of an early-stage financing round led by investment manager Coatue.
Dollar spending on technology
The Series B funding includes investments from ICONIQ Growth, Snowflake Ventures, Lightspeed Venture Partners, S28 Capital and Innovation Endeavors, Reuters reported.

The latest round brings total funding for Panther Labs, which detects and responds to suspicious activity in real time, to $140 million.

Panther Labs plans to use the latest funding to ramp up product development and expand adoption of the company’s products.

Panther Labs Chief Executive Officer Jack Naglieri said the pandemic played a part in the rapid adoption of its services. Panther Labs has grown its customer base by 300 percent in the last year.

The San Francisco-based company counts file-sharing service provider Dropbox, web apps automation firm Zapier and cyber security software startup Snyk as its customers.

Last week, web development software startup Vercel doubled its valuation to $2.5 billion led by GGV Capital and backed by Accel, Tiger Global and Salesforce Ventures.

Automation software Workato was valued at $5.7 billion in a fundraise this month and cloud software platform ActiveCampaign raised funds at a $3 billion valuation earlier this year.