Lastline compiles $28.5m series C

Lastline, a US-based developer of malware protection technology, raised $28.5m in series C funding yesterday from a consortium that included investment firm Osage University Partners.

The round was led by Thomvest Partners and also included cybersecurity companies Barracuda Networks and WatchGuard Technologies, financial services firm NTT Finance Corporation, Redpoint Ventures and unnamed, existing investors.

Founded in 2011, Lastline has developed technology to detect malware and browser-based attacks and prevents breaches.

Lastline was co-founded by Engin Kirda, professor at Northeastern University, and Christopher Kruegel and Giovanni Vigna, professors at University of California (UC), Santa Barbara. The researchers, and their universities, are associated with the International Security Lab (iSecLab).

The iSecLab acts as a meta-lab that connects security research labs at a wide range of institutions. It was launched in 2005 by Technical University of Vienna.

The initiative has since grown to include Northeastern and UC Santa Barbara, Institute Eurécom, Ruhr University, University College London, Arizona State University and Politecnico di Milano.

Lastline will use the money to accelerate growth. Umesh Padval, partner at Thomvest, and Barmark Meftah, president and CEO at cybersecurity company AlienVault, will join Lastline’s board.

In 2014, Lastline raised $10m in funding from Dell Ventures, the corporate venturing arm of computer manufacturer Dell, Presidio Ventures, the investment subsidiary of trading firm Sumitomo, and VC firms Redpoint Ventures and E.Ventures.

Redpoint and E.Ventures previously supplied $10m in series B capital in 2013. In 2011, Lastline obtained $900,000 from undisclosed backers.

Christopher Kruegel, co-founder and chief executive of Lastline, said: “This powerful endorsement from the investment community speaks to the market need for a solution that delivers exceptional enterprise security at dramatically lower costs.

“Our investors recognise the significant opportunity in front of us and believe that Lastline is positioned for phenomenal success. This funding, strengthened board, and the resulting growth will solidify Lastline as the leader in advanced breach detection.”