Swimlane, the low-code cybersecurity automation company, has secured $70 million in a growth funding round. The round was led by Activate Capital. Existing investors Energy Impact Partners (EIP) and 3Lines Venture Capital also participated in the round.
As part of the funding, the company also announced the addition of Raj Atluru, Managing Partner at Activate Capital, in the Swimlane Board of Directors.
The new investment will also accelerate the growth of Swimlane’s global partner network and create new market opportunities through partners in all major geographies. It will also be utilised in expanding the product services, accelerating its platform innovations and hiring tech professionals.
James Brear, CEO of Swimlane said, “We are very proud of the global traction and results we have achieved,” said “Besides our hyper revenue growth, we have achieved over 120% of net retention and product expansion. Our cloud product has seen a 5X increase in adoption over 2021 and our growth over the last four years is over 700%. This is a testament to our customer-first mindset and meeting all the use case requirements our customers demand.”
Swimlane recently launched Turbine as the breakthrough solution in low-code automation in cybersecurity - it has hard-to-reach telemetry and expands actionability beyond closed extended detection and response (XDR) ecosystems. This latest solution may have piqued the interests of many venture capitalists and it would be interesting to see how Swimlane grabs their future market opportunities.