SANTA BARBARA, Calif.--(BUSINESS WIRE)--MixMode, a leading provider of self-learning solutions to detect cyberattacks in real time, announced today that it has raised $45 million in a Series B funding round led by PSG, a leading growth equity firm partnering with middle-market software and technology-enabled services companies to help accelerate their growth, with participation from existing investor Entrada Ventures.
MixMode delivers a self-learning platform that helps enterprises and agencies detect and protect their networks against the most advanced cyberattacks. 80% of successful cyberattacks are novel attacks driving trillions of dollars in damage, including ransomware and supply chain attacks. This automated, AI-driven solution is purpose-built to detect both known attacks and novel attacks with the optionality to be applied to both public cloud and on-premise corporate environments at Fortune 500 scale.
MixMode serves large enterprises with big data environments across a variety of industries and works with channel partners closely to service and grow the use cases for its customers. The company plans to use the new funding to further expand its AI capabilities, build out its sales footprint and grow its channel reach.
“As successful cyberattacks have accelerated in both number and scale, there is a growing acceptance that legacy cybersecurity platforms are missing the majority of attacks. MixMode helps organizations understand and address the full scope of their risks as their data volume continues to expand,” said John Keister, CEO of MixMode. “We are fortunate to be working with PSG and we are aligned on the size of this opportunity. We are in the first inning of a transformation from rules-based security programs to true self-learning security programs.”
“With the growing threat of cyberattacks posing critical risks to businesses, we feel MixMode’s predictive AI-driven software provides organizations of all sizes and industries with the ability to detect and defend against both known and unknown vulnerabilities,” said John Marquis, Managing Director at PSG. “We believe that MixMode’s ability to detect novel threats, reduce false positive alerts and drive more efficiency for security resources uniquely positions the company. We are excited to partner with the team and help them realize their plans for the future.”
The MixMode platform is the first cybersecurity platform to leverage "Third Wave" AI (as defined by DARPA), utilizing an advanced self-supervised learning model to surface both known and novel attacks, as well as misconfigurations and other vulnerabilities. This self-supervised approach is led by MixMode's CTO and chief scientist, Dr. Igor Mezic, who has 20+ years of experience developing advanced AI technology that has been used for projects with DARPA, Air Force, Army, CDC and many others. MixMode is used across many industries and addresses the needs of customers for various use cases, including: NTA, UEBA, NDR and/or SIEM. The company is headquartered in Santa Barbara, CA. Visit us at www.mixmode.ai.
PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 95 companies and facilitated over 375 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Madrid and Paris. To learn more about PSG, visit www.psgequity.com.
Entrada Ventures is an early-stage venture capital fund started by experienced operators and investors who have built multiple successful companies. Entrada works closely with its portfolio companies to help them develop from startup to viable operating business and prepare for subsequent growth capital. Entrada Ventures is based in Santa Barbara, CA, and invests across a broad range of innovative technologies. To learn more, visit www.entradaventures.com.