Mission-critical application cybersecurity and compliance platform Onapsis has netted $55m in its Series D round.
Canadian pension plan firm Caisse de dépôt et placement du Québec and fellow cybersecurity platform NightDragon served as the lead investor. Existing backers .406 Ventures, LLR Partners and Arsenal Venture Partners also contributed to the round.
Funds from the round are earmarked for supporting the rapid expansion of the platform and development of its protection and compliance tools for Salesforce and SuccessFactors applications.
Onapsis hopes this capital will enable it to reach its goal of protecting enterprises and accelerating digital transformation initiatives through cybersecurity and compliance tools.
The Boston-based RegTech company offers actionable insurance, automated governance and continuous monitoring of critical systems.
It claims to have seen a 145% growth in net annual recurring revenue.
NightDragon founder Dave DeWalt said, “Legacy security solutions don’t meet the requirements of today’s business applications – especially in the SaaS world.
“These applications, which are at the core of every enterprise’s digital transformation and have accelerated due to the global pandemic, are facing the perfect storm, yet the tools used to protect them aren’t purpose-built for the job. The expansion into SaaS applications opens a huge market opportunity for Onapsis and fills a much-needed gap for enterprises in the cybersecurity and compliance space.”
In conjunction with the deal, DeWalt has joined Onapsis as vice chairman of the board of directors.
The company’s Series C closed on $31m back in 2018 from investors including LLR Partners, .406 Ventures, Evolution Equity Partners and Arsenal Venture Partners.
Hyperion Insurance Group, which is backed by CDPQ and General Atlantic, recently closed an investment from HG that valued it at the business at around $5bn. The firm received up to $1.5bn to support its growth through acquisitions and investment into its technology
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