Skout’s cybersecurity solution with Portlaoise HQ raises $25m

20 Sep 2019

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The cybersecurity firm founded by Irish entrepreneur Aidan Kehoe has raised $25m, which will fund product development and recruitment efforts.

On Wednesday (18 September), Skout Cybersecurity announced that it had raised $25m in its Series B funding round. The round was led by ClearSky, with additional participation from RSE Ventures.

Managing director of ClearSky Jay Leek said: “In today’s era of hacking and online fraud small and mid-size businesses (SMBs) are increasingly at risk.

“As cybersecurity threats become more common for SMBs, Skout’s solutions help organisations implement expert-level cybersecurity, regardless of resource constraints.”

Irish hub

Skout, which opened its EMEA headquarters in Portlaoise last year, was founded by Irish entrepreneur Aidan Kehoe.

The company employs around 30 people in its Portlaoise HQ and has more than 800 clients. Skout’s management team consists of former executives from companies such as Nokia, Citi Group and Condé Nast.

Skout was founded in 2013 in New York and was originally named Oxford Solutions. In 2018, it was acquired by RSE Ventures.

The company provides a cloud-native data analytics platform that delivers cybersecurity solutions for SMBs. The company’s flexible technology architecture works regardless of where customer data resides, allowing managed service providers (MSPs) to secure organisations of all sizes without the need for additional personnel.

‘Fuel this next phase of growth’

Commenting on the funding, Kehoe said: “Cybersecurity is a requirement for all companies, but not all companies have the resources or ability to build their own security team and infrastructure.

“We are proud and excited to be working alongside a team that has seen great success in the cybersecurity industry and are confident that our focus on MSP partners will fuel this next phase of growth.”

In a statement, Skout said that its latest funding round will be used to accelerate the company’s product development skills, sales, marketing and recruitment efforts. ClearSky managing director Alex Weiss will also join Skout’s board of directors.

Kelly Earley was a journalist with Silicon Republic