WEEHAWKEN, NJ – Sep 8, 2021– TrueFort, the zero trust application protection company, today announced it has closed a $30 million Series B round of financing led by Shasta Ventures with the participation of Canaan and existing investors Evolution Equity Partners, Lytical Ventures and Emerald Development Managers. As part of the financing round, Nitin Chopra, Managing Director at Shasta Ventures, is joining the company’s board of directors. The financing will support hiring across the company, expanded go-to-market activities and multiple R&D initiatives, including offerings that help enterprises better manage their application risk posture.
“Customers see immediate value in understanding how applications should and should not behave, so they can implement a Zero Trust approach that significantly reduces business risk and prevents threats from becoming major security incidents.”
Traditional security products have focused on protecting underlying IT infrastructure from threats but the success of attackers in executing ransomware, supply chain and phishing attacks show that there are still significant gaps in security coverage. TrueFort fills this void, offering Zero Trust protection for enterprise applications and workloads that are the gateway to sensitive data and, increasingly, the target of attackers. The company’s Fortress platform leverages patented behavioral analysis and machine intelligence to help organizations better understand their applications’ trusted behaviors to fend off attacks in real-time.
“TrueFort addresses an unmet need for protecting modern applications and workloads with a purpose-built solution for enterprise security teams,” said Sameer Malhotra, co-founder and CEO of TrueFort. “This new financing provides the resources we need to grow our footprint in existing markets, expand into new markets and support the accelerating adoption of our solution. We are pleased to welcome Nitin Chopra to the board, whose experience helping to grow leading security startups will be a valuable asset.”
“TrueFort is addressing a gaping blindspot in enterprise security by focusing on applications and using them to reduce a company’s attack surface and prevent data breaches,” said Nitin Chopra, Managing Director at Shasta Ventures. “Customers see immediate value in understanding how applications should and should not behave, so they can implement a Zero Trust approach that significantly reduces business risk and prevents threats from becoming major security incidents.”
TrueFort is coming off a strong year of market demand and industry accolades. The company experienced year-over-year bookings growth of 650% and a 260% growth in ARR. The company was recently named a 2021 finalist in the Black Unicorn Awards which recognize companies with the potential of being valued at $1 billion, as well as a Top 25 Cybersecurity Company, and a Red Herring North America Top 100 company. The TrueFort Fortress platform has also won multiple awards, including the 2021 Global InfoSec Award at the RSA Conference for Cutting Edge Vendor in Cloud Workload Protection and the Gold 2021 Cybersecurity Excellence Award for Cloud Workload Protection.
Shasta is an early-stage venture capital firm with a 15-year track record of investing in groundbreaking startups like Anaplan, Zuora, Nextdoor, SendBird, Lattice, Glint, Highspot and hundreds more. Shasta now invests in innovative early-stage enterprises. By focusing just on these sectors, we can dive deeper to produce better outcomes. Our investment in Shasta Elevate gives enterprise founders the playbook, tools and support they need to scale faster.