Swimlane, a security automation platform provider, has added $70 million in a growth funding round led by venture capital and growth equity firm Activate Capital. The deal's valuation was not disclosed.
The company also announced that Activate Managing Partner Raj Atluru will join its board of directors.
The growth funding will help Swimlane extend its global market reach through its partners, the company said. In addition, Swimlane will use the funding to expand its technical partner support and enablement capabilities, and enhance its security automation platform.
The new funding arrives roughly 17 months after Swimlane raised $40 million in January 2021. At that time, Swimlane positioned itself as a SOAR (security automation, orchestration and response)n software provider. Fast forward to July 2022, and Swimlane now positions itself as a low-code security automation company that unifies security operations.
Swimlane Unveils Low-Code Security Automation Platform
The latest growth funding announcement comes after Swimlane in June 2022 introduced its Turbine low-code security automation platform.
Turbine lets organizations ingest, enrich and act on petabytes of data at machine-speed, the company said. The platform's features include:
- Active Sensing Fabric. Uses webhooks and remote agents to locate data across IT environments and collect security telemetry.
- Adaptable Playbooks. Enables an organization to develop playbooks that align with its security priorities or operations.
- Autonomous Integrations. Allows an organization to integrate Turbine with any API to extend visibility and response beyond a closed eXtended detection and response (XDR) ecosystem.
- System of Record. Offers a system of record for all of an organization's security activities.
Turbine will be available to new Swimlane customers in July 2022.
A Closer Look at Swimlane
Swimlane claims it's the largest and fastest-growing pure-play security automation company. It combines human and machine data into intelligence to help organizations unify their security operations and overcome process and data fatigue and staffing shortages. Meanwhile, Swimlane achieved "hyper revenue growth" in 2021, CEO James Brear said.
Some of the company's notable results during this period include:
- 80% year-over-year growth
- Five times increase in the adoption of its cloud product
- Exceeding its net retention and product expansion goals by more than 120%
Swimlane offers a partner program for MSSPs and MSPs. The program lets partners integrate Swimlane capabilities into their offerings and provides access to the company's security experts and marketing and sales tools and resources.