The spinout of New Mexico Institute of Mining and Technology has raised its first funding round led by Paladin Capital Group.
RiskSense, a cybersecurity spinout of New Mexico Institute of Mining and Technology, has obtained $7m in a first funding round led by Paladin Capital Group, according to Albuquerque Business First.
Sun Mountain Capital, Epic Ventures and other unnamed investors also took part in the deal.
Founded in 2015, RiskSense operates a cybersecurity platform that collects data from a range of security tools and monitors potential external threats, presenting the results in context and enabling IT staff to take appropriate action.
The money will go towards research and expansion efforts. The spinout is also set to grow from a current 67 employees to 100 staff.
Mourad Yesayan, principal at Paladin, has joined RiskSense’s board of directors.
Srinivas Mukkamala, co-founder and chief executive of RiskSense, said: “We built this company with nobody’s capital, and that is unheard of in today’s climate.
“There are hardly any companies with our scale and our level of customers with no outside capital. I think that is what really intrigued investors.”
