With the goal of improving organizational protection, the company specializes in providing the most accurate and up-to-date security asset inventory in the industry. Sevco Security has secured $17 million in fresh investment. SYN Ventures spearheaded this funding round, with support from.406 Ventures, Accomplice, Bill Wood Ventures, and Washington Harbor Partners.

Sevco Security primarily deals with the growing cyberattack surface, which now encompasses individuals, apps, and devices inside an organization's IT network that were previously unprotected and unnoticed. More than 20% of IT assets accessing corporate networks are invisible to security teams, according to research presented in Sevco's State of the Cybersecurity Attack Surface Report. This finding emphasizes the essential market demand for Sevco's solutions. The objective of this investment round is to increase the company's ability to satisfy this demand while also strengthening its platform and quickening its expansion. Sevco Security has raised $38 million in total funding since its founding.

Due to the company's dedication to product innovation, the number of devices under supervision has increased by 40%. Additionally, contract value and multi-year transactions have significantly improved. These accomplishments highlight the importance that clients—which include well-known companies like Quality Carriers, Sallie Mae, and Workday—place on possessing a precise and thorough asset inventory.

Additionally, in 2023, Sevco Security made expansion in the channel and MSSP market a top priority. As a result, the Sevco Channel Partner Program was introduced, and MSSP ARR significantly increased. The Sevco Security Action Center and improved Vulnerability Hunting Capabilities are two new features that the business has included as part of its efforts to increase the platform's capacity to assess the risk associated with unknown assets. These advancements enable businesses to control and reduce cybersecurity threats more successfully.

CEO and co-founder of Sevco Security, J.J. Guy, offered his reflections on the previous year, saying, "2023 was a year of prudent growth for Sevco, driven by customer-led product innovation." Our goal is to assist businesses of all kinds in changing the way they approach and think about cybersecurity and asset management. With the support of the investment we got, Sevco will be able to continue its current momentum and provide enterprises with more time to detect and solve security weaknesses by utilizing reliable asset intelligence.

With the addition of this $17 million funding round, Sevco Security has now raised $38 million in total since its founding. This ongoing financial backing demonstrates the market's faith in Sevco Security's creative approach to asset management and cybersecurity.