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ObserveIT Closes $33 Million in Series B Financing

ObserveIT Closes $33 Million in Series B Financing
Credit: observeit.com

ObserveIT, an insider threat management provider with 1,700 customers around the world, secured $33 million in Series B funding. The investment round includes participation from Bain Capital Ventures, Spring Lake Equity Partners, and NightDragon Security, the cybersecurity investment firm founded by industry veteran Dave DeWalt.

According to the company, it increased customer deals by 185 percent year-over-year while also increasing new customer deal size by more than 250 percent year-over-year. The company continues to achieve a high support net promoter score – increasing to 76 – reflecting deep customer loyalty, continued confidence and overall support.

ObserveIT plans to use the funding to accelerate innovation for its award-winning insider threat management solutions and to expand its sales and marketing teams.