Sysdig Raises $ 188 Million Valued At $ 1.19 Billion To Secure Modern Cloud Applications

SAN FRANCISCO – (BUSINESS WIRE) –Sysdig, Inc., the secure leader in DevOps, today announced a $ 188 million Series F funding round valued at $ 1.19 billion. This tour brings Sysdigtotal funding of $ 394 million since its inception. The financing was led by Premji Invest & Associates and Third Point Ventures, with participation from Accel, Bain Capital Ventures, DFJ Growth, Glynn Capital, Goldman Sachs, Insight Partners and Next47. The company also announced that Robert Schwartz of Third Point Ventures, Sandesh Patnam of Premji Invest & Associates and Enrique Salem of Bain Capital Ventures have joined its Board of directors.

CEO Suresh Vasudevan Blog: Our $ 188 million funding cycle fuels our mission to help clients confidently run modern cloud applications

the Sysdig Secure DevOps Platform Uniquely addresses the challenges of securing containers, Kubernetes, and public cloud infrastructure. Sysdig is trusted by hundreds of leading companies, including Worldpay by FIS, Yahoo Japan, IBM, and JW Player, to confidently run modern cloud applications while managing security risks and meeting compliance requirements .

This cycle follows strong growth in 2020, a rapidly expanding customer base, a thriving open source community, and a massive growth opportunity with containers and the cloud.

Key milestones:

  • The new annual contractual value (ACV) added in the second half of fiscal 2021 (FY21) was 2.3 times the amount added in the same period the previous fiscal year *, reflecting adoption and momentum growth in the cloud throughout 2020.

  • 450 corporate clients, including dozens of large global companies, with an average recurring annual revenue (ARR) of over $ 500,000 among the top 50 buyers.

  • Strong trend of client expansion as evidenced by 140% annual net revenue retention (NRR) at year end 21.

  • With nearly 24 million downloads, including 1.7 million last month, Falco adoption increased 300% last year.

  • Sysdig has significantly expanded the Total Addressable Market (TAM) beyond container and Kubernetes security to include cloud security with the addition of continuous management of the security posture in the cloud (CSPM) in 2021. The Serviced Addressable Market (SAM) also grew with the delivery of more than 50 important features last year, including first online analysis for Fargate, zero trust network security, and Prometheus cloud-scale monitoring.

* The 2021 fiscal year ran from February 2020 to January 2021.

In November 2020, Gartner increased its public cloud forecast for 2021 to $ 304.9 billion, from $ 257.5 billion in 2020. [1] Modern applications are increasingly built as highly distributed microservices, leveraging containers and Kubernetes, and a wide range of services on public cloud platforms. While this change accelerates innovation, it presents unique challenges that legacy security tools, built with a proprietary firewall mindset, are unable to meet. To manage risk without slowing application delivery, organizations need a security stack:

  • Designed for secure DevOps.

  • Based on open source to accelerate innovation and promote standardization.

  • Delivered in SaaS for more simplicity and scalability.

  • This provides deep visibility into containers and the cloud.

Run containers, Kubernetes, and cloud apps with confidence with Secure DevOps

The Sysdig Secure DevOps platform provides security and visibility to confidently run containers, Kubernetes, and the cloud. Customers rely on the platform to secure the software creation pipeline, detect and respond to runtime threats, monitor service status, and continually validate cloud security and compliance.

Sysdig’s SaaS deployment model and out-of-the-box workflows enable organizations to reduce security risks while improving operational efficiency by 25-50%. With features that cover cloud security posture, cloud workload protection platform and container monitoring markets, 85% of new customers buy the platform solution, replacing the three-point solutions .

Sysdig was founded as an open source company and the Sysdig Secure DevOps platform was built on an open source foundation to address the security challenges of modern cloud applications. Open source sysdig and Falco are projects created by Sysdig to harness deep visibility as the foundation of security, and they have become standards for container and cloud threat detection and incident response. Falco, which was contributed to the Cloud Native Computing Foundation (CNCF) in 2018, is now a hosted tier project in incubation. Last year, Sysdig announced full compatibility and scalability for Prometheus, the CNCF project second in popularity after Kubernetes. Sysdig’s CSPM capability integrates the popular Cloud Custodian, a CNCF project for static configuration checks.

Objective of this investment

This new investment cycle will allow Sysdig to invest in continuous innovation in its open source foundation as well as in its secure DevOps platform, and to develop research and development teams in Raleigh, Spain, Italy, Belgrade. and in San Francisco. The funding will stimulate the expansion of sales and marketing into existing markets in the United States, Europe, Japan and Australia, as well as entry into new markets in the Asia-Pacific region. The focus will be on continuing to build ecosystem partnerships and local SaaS channels and regions around the world.

Quote

Enrique Salem, Partner, Bain Capital Ventures: “The current security stack, based on a firewall mentality and promoted by incumbents, is irrelevant in the cloud. Sysdig takes a secure DevOps approach, enabling teams to deliver cloud applications faster while managing security risks. They are built on an open source security stack, which we believe accelerates innovation and adoption. ”

Sandesh Patnam, US Managing Partner, Premji Invest & Associates: “The cloud is driving a sea change in the way applications are developed and secured. This allows young innovative companies to become leaders in this exciting new category. We are extremely deliberate in our investments and we anticipate that Sysdig will not only have a successful IPO, but will also provide strong long-term returns in the public market. ”

Robert Schwartz, Managing Partner, Third Point Ventures: “Sysdig took several early steps that set it apart from other solutions, including taking an open source approach to container security and Kubernetes long before others jumped on the bandwagon. It paid off a lot for them. Sysdig has a choice clientele and has proven its ability to evolve. We are excited to join the Sysdig team and look forward to helping them step up from here. ”

Ping Li, partner, Accel: “Accel partnered with Sysdig from the start, with the belief that an open source, DevSecOps stack deployed as SaaS is a winning formula. Today, they are the clear leader in runtime security for containers and the cloud. ”

Suresh Vasudevan, President and CEO, Sysdig: “Sysdig was founded as an open source company designed for secure DevOps. In contrast, Palo Alto was founded as a proprietary firewall company, and that mindset slows down the delivery of apps to the cloud. The primary security stack for cloud-delivered applications will be open source based with a secure DevOps approach that provides deep visibility into containers and the cloud. ”

[1] Gartner, Gartner Predicts Global Public Cloud End User Spending to Increase 18% in 2021, Katie Costello and Meghan Rimol, November 17, 2020

About Sysdig

Sysdig drives the secure DevOps movement, enabling organizations to confidently secure containers, Kubernetes, and the cloud. With Sysdig, teams secure construction, detect and respond to threats, continuously validate cloud posture and compliance, and monitor performance. Sysdig is a SaaS platform, built on an open source stack that includes Falco and sysdig OSS, the open standards for detecting and responding to runtime threats. Hundreds of companies trust Sysdig for container and cloud security and visibility. Learn more about www.sysdig.com.


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