Sevco Security, a leading provider of cloud-native Cyber Asset Attack Surface Management (CAASM) solutions, has announced substantial growth for fiscal year 2023, driven by enhanced product capabilities and increased customer adoption of the Sevco Asset Intelligence Platform. Additionally, the company revealed the completion of a $17 million funding round in 2023, with SYN Ventures leading the investment and participation from notable firms including .406 Ventures, Accomplice, Bill Wood Ventures, and Washington Harbor Partners.
The cybersecurity landscape has evolved to encompass devices, users, and applications within enterprise IT networks, presenting new challenges in detection and protection. Sevco’s State of the Cybersecurity Attack Surface Report highlighted that over 20% of IT assets accessing corporate networks remain undetected by traditional enterprise sources, posing a significant risk. The demand for accurate and automated asset inventory solutions, combined with Sevco’s platform advancements, drove the additional funding, bringing the total raised by Sevco to $38 million since its inception.
Throughout 2023, Sevco’s commitment to product innovation resulted in a 40% increase in managed devices and a corresponding 40% rise in contract value. Notably, multi-year deals surged by 200%, underscoring the value proposition for customers, including industry leaders like Workday, Sallie Mae, and Quality Carriers, who recognize the importance of comprehensive asset inventory management.
Albert Attias, Senior Director of Enterprise Security at Workday, expressed confidence in Sevco’s platform, citing its extensive integrations and alignment with existing enterprise systems and security tooling as key factors in their decision to invest.
Sevco prioritized channel and Managed Security Service Provider (MSSP) market growth in 2023, launching the Sevco Channel Partner Program and incentivizing channel partners to drive new deals and evaluations. Investments in service providers leveraging Sevco led to an impressive 84% growth in MSSP Annual Recurring Revenue (ARR) and a net retention rate of 168%.
In terms of product enhancements, Sevco expanded its platform capabilities to include risk assessment for various asset classes, such as users and software. The introduction of the Sevco Security Action Center and Vulnerability Hunting Capabilities empowers enterprises to identify and remediate security gaps efficiently, thereby enhancing overall cybersecurity posture.
J.J. Guy, CEO and co-founder of Sevco Security, emphasized the company’s commitment to customer-driven innovation and its mission to revolutionize asset management and cybersecurity practices. The latest funding will further fuel Sevco’s momentum and enable the company to continue delivering accurate asset intelligence to organizations of all sizes, facilitating the identification and mitigation of security risks effectively.
