As more and more companies fall victim to security breaches and substantial (and embarrassing) data leaks, cybersecurity startups seem to be profiting at their expense. Cybersecurity companies helping companies not get caught with their pants down raised over $3.3 billion in 2015.
The latest firm to join the cash grab is Fireglass, a stealth company that is looking to announce its first major product aimed at enterprise cybersecurity this quarter.
Today, the company closed a $20 million Series A led by Norwest Venture Partners, Lightspeed Venture Partners and Singtel Innov8. Mickey Boodaei and Rakesh Loonkar also participated in the round.
The funding will be used to “expand research and development efforts in addition to building out its sales, marketing and support teams in North America and Europe,” according to a company statement.
“We are seeing an outstanding response from deployments at Fortune 500 enterprises looking to boost and consolidate their existing protection measures,” said Guy Guzner, CEO of Fireglass, in a statement. “We’re proud to offer a solution that enables businesses to operate both productively and securely.”
The New York-based company, which was founded in 2014, believes it is taking a more progressive approach to protecting data from prying eyes than existing solutions are. More information on what exactly that approach is will undoubtedly be made available as the company releases its first security products, but for now the stealth company has some new funding to continue prepping for its launch.