Keeper Security’s password protection tech raises $60m

18 Aug 2020239 Views

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With a $60m investment from Insight Partners, Keeper aims to accelerate product innovation and development while expanding its global customer base.

On Monday (17 August), Chicago cybersecurity start-up Keeper Security announced the close of its first equity raise since it was founded in 2011.

The company received a $60m minority investment from Insight Partners. With this funding, Keeper aims to further accelerate product innovation and development while expanding its global customer base.

The start-up currently has customers in more than 100 countries using its platform for password security, dark web monitoring, secure file storage, single-sign-on integration and security-event reporting.

Thomas Krane, principal at Insight Partners, will join Keeper’s board of directors as a result of the investment. No other terms of the private transaction have been disclosed.

Growing cybersecurity challenges

Keeper Security’s technology platform is used to prevent password-related data breaches and cyberthreats through a digital vault system. The company was founded by Craig Lurey and Darren Guccione.

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The company believes that the funding will support its business at a “critical” time, with a changing infosec landscape as a result of the Covid-19 pandemic.

Guccione, who is CEO of the start-up, commented: “The past four months have resulted in history’s most pervasive cybersecurity challenge. As businesses have shifted their operations online and people have adapted to remote work and social distancing, cybercriminals have executed their attacks at record rates.”

He added that this is transforming the cybersecurity industry at a “rapid” pace, and that it is becoming even more essential to safeguard people and businesses.

In the past year, Keeper has hired 120 additional employees to deal with its growth and expansion, and the company has seen business continue to grow despite the global economic downturn caused by Covid-19.

“With the support of Insight Partners and the planned synergy, we’re well positioned to bring new, unique and increasingly critical cybersecurity solutions to new and existing customers, globally,” Guccione said.

Krane of Insight Partners added: “Keeper’s impressive growth and business stability, despite the global pandemic, is driven by its ability to deliver products that exceed their customers’ needs and expectations. We look forward to supporting Keeper in its continued growth.”

Kelly Earley was a journalist with Siliconrepublic.com

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