Security testing provider Sprocket Security has raised $8 million in fresh funding, the Madison, Wisconsin-based company shared with QA Financial.
The firm, which runs a testing platform that includes a continuous pentesting solution that is fairly popular among North American banks, said the funding round was led by Blueprint Equity, with participation from Wisconsin-based Capital Midwest Fund.
Casey Cammilleri, Sprocket’s founder and CEO, said the funds will accelerate Sprocket’s platform development and expand the company’s sales and marketing initiatives.
“Companies that have experience with a point in time pentest understand the limitations of the legacy model,” Cammilleri explained.
He added that “technology is constantly evolving and so must security measures. Automated solutions alone can’t keep up with the pace of change and lack critical business context.”
It is the main reason why the Wisconsin native believes “in the hybrid approach of human-driven testing supported by automation.”
In fact, Cammilleri stressed “it is the only way to ensure comprehensive and up-to-date testing. This continuous approach is being increasingly understood and appreciated.”
He spent his entire career on the offensive side of cybersecurity and founded Sprocket to scale his domain expertise.
“Fully automated solutions simply can not fulfill all pentesting needs,” Cammilleri observed.
“Companies that have experience with a point in time pentest understand the limitations of the legacy model.”
– Casey Cammilleri
Following the capital injection, Blueprint Equity’s Vice President John Bonhard will join Sprocket’s Board of Directors.
“I was initially drawn to Blueprint’s experience investing in cybersecurity and their operationally focused approach,” Cammilleri shared.
“As I got to know the team at Blueprint, we realized what ‘operationally focused’ really means.”
Bonhard said in agreement that “within an ever-changing cybersecurity landscape, the only constant is the presence of threat actors.”
He warned financial services firms that “constant vigilance, or penetration testing, is critical in understanding how and the extent to which vulnerabilities can be exploited by sophisticated hacker techniques.”
Bonhard sees a growing demand among CISOs and IT security teams for security testing solutions as they look to harden the growing attack surface within their respective organisations.
“Casey and his COO, Gaurav Kulkarni, are solving this problem with unparalleled execution that customers have only described as a ‘true partnership’,” he concluded.
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