Security Platforms/Tools

Proficio Pulls in $12M in Venture Capital

Proficio has raised $12 million in a round of funding led by Kayne Anderson Capital Advisors, which the company intends to use to expand its global geographical presence in the Americas, Asia Pacific and Europe, and introduce new cybersecurity platforms and services.

Founded in 2010, Proficio operates in the managed security service provider (MSSP) and managed detection and response (MDR) spaces. The company has specialized in the healthcare and financial services industries. Its ProSOC service provides 24×7 security monitoring and alerting, advanced threat detection and automated response services.

Most companies adopt a blanket set of rules for their detection systems, Proficio President and Chairman Tim McElwee told Light Reading. Proficio adjusts the rule sets for the environment, considering everything from the relative value of the data being protected to the specific needs of the vertical that the customer is operating in.

The company has human analysts who evaluate alarms. "Customers want someone to tell them what's significant," he said.

Proficio's ProSOC managed security services business is growing rapidly, with over 100% year-over-year revenue growth for the last three years.

"We are impressed by Proficio's growth, customer adoption, and innovative managed detection and response services," said Nate Locke, partner at Kayne Anderson Capital Advisors, who will join Proficio's board of directors as part of this financing. "Proficio is changing the way organizations meet their IT security and compliance goals by providing the most advanced cybersecurity solutions without the cost and complexity of acquiring sophisticated software or operating a 24x7 Security Operations Center on their own."

"We are excited to be partnering with Kayne Capital as we accelerate the next phase of Proficio's growth," said McElwee. "We will continue our focus on delivering innovative solutions that help our customers protect, detect and respond to cybersecurity threats. In the first half of 2017, we plan to introduce new services and platforms leveraging advanced analytics, threat intelligence and orchestrated incident response."

— Brian Santo, Senior Editor, Components, T&M, Light Reading

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