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Monday, September 04, 2017

Startup raises $40m to index devices on the Internet every hour

By Nick Flaherty

Qadium has raised $40m in a second round of funding to index every device on the public Internet every hour. It uses these data to continually monitor the global Internet, providing comprehensive information about all of an organization’s Internet-facing risks, including security. 

Critically, this includes risks not tracked by any other system or vendor, including shadow IT, misconfigurations in cloud hosting, unauthorized or unmonitored Internet of Things (IoT) equipment, regional offices and subsidiaries violating policy, “lost” devices due to M&A events, and more. A rapidly growing ecosystem, IDG projects approximately 30 billion “things” connected to the Internet -- nearly 3x growth -- in five years.
“Our technology would have been impossible just a few years ago,” says co-Founder and CTO Matt Kraning. “Now, we leverage distributed and massively parallelized computation to monitor the global Internet in real time. It’s the first game-changer in a decade for defenders in cyberspace, allowing them to find and fix risks faster than attackers can exploit them.”

“Despite years of massive increases in security budgets, large organizations still can’t understand what their network boundaries really are," said  Somesh Dash, General Partner at investor IVP. "Qadium built the first product that definitively shows the world’s largest enterprises and government organizations complete visibility around their own networks. Seeing Qadium’s product for the first time is a truly magical moment – we couldn’t be more enthusiastic about the company’s future prospects.”

In its first year on the market, Qadium sold its SaaS product, Expander, to a wide range of Fortune 500 companies and government agencies. Its customer base now includes PayPal, Capital One, Allergan, and Fluor, among others in banking and other financial services, IT manufacturing, commercial real estate, software, healthcare, and more. 
Qadium raised $20m last year to build its team and secure initial adopters of its technology. “We saw healthy interest in this round,” said Tim Junio, the CEO and Co-Founder of Qadium. “Prior rounds were a bet on the vision that we’d be able to monetize persistent monitoring of the entire Internet’s surface area; since then, our sharp uptick in initial sales affirms our intuition was on the right track.”

Headquartered in San Francisco, Qadium sells subscriptions of Expander, a browser-based SaaS product and associated integrations, starting at $250,000 per year and ranging to over $1 million for its largest customers. 

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