AUSTIN, Texas--(BUSINESS WIRE)--Sevco Security, the cloud-native Cyber Asset Attack Surface Management (CAASM) platform that delivers the industry’s most accurate, continuously updated security asset inventory to better protect organizations, today announced record growth for fiscal year 2023 driven by new product capabilities that expanded user and software inventories and customer adoption of the Sevco Asset Intelligence Platform. Additionally, the company announced that it raised $17 million in new funding in 2023 led by SYN Ventures, with participation from .406 Ventures, Accomplice, Bill Wood Ventures, and Washington Harbor Partners.
The cyberattack surface has expanded to the devices, users and applications that are on an enterprise’s IT network that have, until now, gone undetected and unprotected. According to research unveiled in Sevco’s State of the Cybersecurity Attack Surface Report, more than 20% of IT assets accessing corporate networks do not appear in any enterprise source, such as endpoint protection, making them invisible to security teams. The market need for accurate and automated asset inventory solutions coupled with newly launched platform capabilities led to additional funding, bringing Sevco’s total funding raised since its inception to $38 million.
In 2023, Sevco’s commitment to product innovation delivered a 40% increase in the number of devices under management. Additionally, Sevco saw a 40% increase in contract value and a 200% increase in multi-year deals – showing that customers from organizations like Workday, Sallie Mae, and Quality Carriers understand the value of having an accurate, comprehensive asset inventory at their fingertips.
“We chose to invest in Sevco because of the large number of integrations the platform supports,” said Albert Attias, Senior Director of Enterprise Security at Workday. “In our IT environment, we have a lot of systems that collect large amounts of asset data. For us to aggregate that data effectively, we needed to find an asset management solution that aligns with what we typically use across the enterprise as well as our security tooling. Sevco does just that and streamlines the process from an operational standpoint.”
Last year, Sevco prioritized growth in the channel and MSSP market. This focus culminated in the launch of the Sevco Channel Partner Program and an incentive-based program to reward channel partner representatives for driving new deals and evaluations with Sevco. In addition, the company increased investments in service providers who leverage Sevco to better protect their clients. As a result, Sevco achieved 84% growth in MSSP ARR, and net retention of 168%.
In 2023, Sevco expanded the platform’s ability to understand the risk of unknown assets to extend beyond devices to new asset classes, such as users and software. New features include:
- The Sevco Security Action Center -- A new tool launched in 2023 that empowers enterprises to seamlessly create tickets and remediate security gaps, vulnerabilities and risks that have been identified in the Sevco platform. The updated capabilities enable Sevco customers to operationalize the data within Sevco to better understand and protect the attack surface.
- Vulnerability Hunting Capabilities -- Expanded capabilities within the Sevco platform ensure comprehensive visibility into assets across the entire enterprise. As a result, security teams can now access insights on vulnerabilities across different asset classes and evaluate mitigating controls against identified vulnerabilities to better understand risk and exposure management directly through the Sevco Platform.
“For Sevco, 2023 was a year of prudent growth fueled by customer-led product innovation,” said J.J. Guy, CEO and co-founder of Sevco Security. “It is our mission to help enterprises of all sizes transform the way they think about and approach asset management and cybersecurity. The funding we received will fuel existing momentum and lengthen the runway for Sevco to do just that – help organizations identify and close security gaps with accurate asset intelligence.”
To learn more about Sevco Security and its Asset Intelligence Platform, please visit: https://www.sevcosecurity.com/
About Sevco Security
Sevco is the cloud-native CAASM platform delivering the industry’s most accurate, real-time security asset inventory. Hundreds of companies rely on Sevco's 4D Asset Intelligence engine to bridge the gap between IT and security teams. By providing a continuously updated inventory of assets across IT, public/private cloud, IoT devices, operational technology (OT), supply chain, contractors and remote users, Sevco autonomously identifies and closes previously unknown security gaps, while dramatically improving incident response. Sevco’s patented asset telemetry uncovers significant security gaps and out-of-compliance assets in every deployment without fail. Founded in 2020 and based in Austin, Texas, Sevco is backed by SYN Ventures, .406 Ventures, Accomplice, and Bill Wood Ventures. For more information, visit https://sevcosecurity.com or follow us on LinkedIn and Twitter @SevcoSec.
