SoftBank and Panoramic Ventures Co-Lead Funding in Fast-growing, Miami-based Startup
MIAMI, March 10, 2021 (GLOBE NEWSWIRE) -- Lumu, creators of the Continuous Compromise Assessment cybersecurity model, today announced that it has closed its Series A round of funding for the amount of $7.5 million. The round was co-led by SoftBank Group Corp’s SB Opportunity Fund and Panoramic Ventures. Proceeds from the new round of funding will serve as growth capital for sales and marketing initiatives, and additional research and development. Lumu also announced that Dr. Paul Judge, Managing Partner of Panoramic Ventures and a member of SB Opportunity Fund’s Investment Committee, has joined the company’s board.
“We believe that Lumu will help businesses change how they operate cybersecurity by putting them in control of the impact of cybercrime in their organizations. Ricardo is a proven entrepreneur with a track record of building and operating disruptive companies in the cybersecurity space,” said Paul Judge. “SoftBank’s commitment to fueling the growth of black, Latinx and other minority-owned companies remains a priority.”
Lumu is a cloud-based solution that collects and standardizes metadata from across the network, including DNS queries, Network Flows, access logs from perimeter proxies and/or firewalls, and spam box filters, and then applies Artificial Intelligence to correlate threat intelligence from these disparate data sources to isolate confirmed points of compromise. Lumu is founded by cybersecurity veteran Ricardo Villadiego who previously founded Easy Solutions which was acquired by BC Partners and Medina Capital in 2016. He has held positions at IBM, Internet Security Systems and Unisys Corporation.
“Despite billions of dollars per year being spent to secure corporate networks, attackers continue to find ways to penetrate their defenses and worse still, often remain undetected inside the network for months or even years. Lumu’s Continuous Compromise Assessment model flips the conventional security model on its head by assuming that the network is compromised and forces you to prove otherwise,” said Ricardo Villadiego, Founder & CEO of Lumu. “These industry leading venture firms’ investment in Lumu validates the imperative need for organizations to measure compromise continuously and intentionally as the core initiative to improve their cybersecurity posture.”
Since officially launching at the RSA Conference in February 2020, more than 1,300 customers across a range of industries and geographies have signed up for Lumu’s offering and adopted its model of Continuous Compromise Assessment. During this time, the Lumu Platform has analyzed more than 55 billion metadata records and detected more than 11 million adversarial contacts.
ISS former CEO Tom Noonan and Palo Alto Networks former CEO Lane Bess, are also part of the investment round.
About Lumu
Headquartered in Miami, Florida, Lumu is a cybersecurity company focused on helping enterprise organizations illuminate threats and isolate confirmed instances of compromise. Applying principles of Continuous Compromise Assessment, Lumu has built a powerful closed-loop, self-learning solution that helps security teams accelerate compromise detection, gain real-time visibility across their infrastructure, and close the breach detection gap from months to minutes. Learn more about how Lumu illuminates network blindspots at www.lumu.io.
About the SB Opportunity Fund
SB Opportunity Fund is a $100 million venture fund dedicated to supporting and building a community of outstanding Black, LatinX and Native American founders and entrepreneurs in the U.S. For more information, visit theopportunityfund.com or follow the SB Opportunity Fund on LinkedIn.
About Panoramic Ventures
Panoramic Ventures is a venture capital firm based in Atlanta that takes a "wider-view" approach to investing by targeting the Southeast and Midwest and placing a focus on underserved and diverse founders and university startups. Panoramic opens new doors for overlooked founders, giving more entrepreneurs access to capital to build leading tech companies. For more information, visit www.panoramic.vc or follow Panoramic Ventures on LinkedIn, Instagram, or Twitter @panoramicvc.
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