Softbank helped the XDR cybersecurity software provider secure crossover financing at a valuation likely to have exceeded $3bn.
US-headquartered endpoint security software provider Cybereason raised $275m in crossover financing from investors including telecommunications and internet group Softbank.
Private equity firm Liberty Strategic Capital led the round, which was also backed by asset manager Neuberger Berman. The valuation was estimated by TechCrunch to be roughly $3bn, and by Globes as between $3.1bn and $3.3bn.
Cybereason has built an extended detection and response (XDR) platform that uses big data, behavioural analytics and machine learning to identify and thwart attacks, delivering context-rich analysis of malicious operations and improving protection, detection and response.
The company will use the funding to expand its product offering, develop new features for its platform and enhance its cybersecurity tools.
Steven Mnuchin, the former treasury secretary who is founder and managing partner of Liberty Strategic, will join Cybereason’s board of directors. Joseph Dunford, a senior adviser at the firm, is joining its advisory board.
Cybereason had previously secured $200m in a 2019 series E round backed by unspecified SoftBank affiliates at a $900m valuation, doubling its total funding to $400m. SoftBank had made a $100m investment in the company two years earlier in a deal that made it the company’s single largest shareholder.
The corporate had led Cybereason’s $59m series C round in October 2015 with contributions from venture capital firms CRV and Spark Capital. It had already raised $25m five months earlier in a series B round led by Spark Capital and backed by CRV and aerospace manufacturer Lockheed Martin.
