– USA, MA – EIQ Networks, a pioneer in hybrid SaaS security and continuous security intelligence services, today announced that it has closed $9.55 million in a Series C financing round led by Arrowroot Capital,a growth equity firm based in Santa Monica, California. Both EiQ founders, Vijay Basani and Jay Reddy, also participated in this round. EiQ will use the funds to accelerate new customer acquisition through increased investment in sales and marketing initiatives as well as Hybrid SaaS security services delivery.
The funding follows on the completion of a record-breaking year for EiQ, including the adoption of its SOCVue security services by dozens of new customers, 178% year-over-year growth, and nearly a dozen new partners. EiQ secured its first institutional financing in 2009 with a $10 million round led by Venrock Associates. With its latest financing, EiQ has raised nearly $30 million to date.
“EiQ is pleased to secure growth financing from Arrowroot, which recognizes the important mission we’re on,” said Vijay Basani, Chairman, President, and CEO of EiQ Networks. “More and more, mid-market customers who are understaffed, under budgeted, and overwhelmed with ever-increasing cybersecurity and compliance challenges are finding that EiQ’s hybrid SaaS security services that combine people, process, and technology are a welcome change from going it alone.”
“We’re excited to partner with EiQ because of the company’s enormous potential in the IT security space, its significant differentiators, and experienced leadership team,” said Matthew Safaii, Founder and Managing Partner of Arrowroot Capital, who is joining EiQ’s Board of Directors. “Cybersecurity is just as important for mid-market organizations as it is for the Fortune 500, and EiQ is uniquely positioned to deliver affordable, proactive security monitoring and vulnerability management services through its hybrid SaaS model.”
EiQ’sSOCVue® is the only subscription SaaS service that combines people, process, and technology to deliver a cost-effective information security program, including:
- Proactive and Continuous Critical Security Controls Auditing
- Co-managed SIEM & Log Management
- Continuous Vulnerability Management
- 24x7x365 Security Monitoring by Trained EiQ SOC Security Analysts
- Incident Analysis, Notification, and Remediation Guidance
- Compliance Reporting
About Arrowroot Capital
Arrowroot Capital is a growth equity firm based in Santa Monica, California that invests in growing software-as-a-service and Internet-based businesses. Arrowroot aims to provide equity capital in the range of $5M-$20M, but has access to a much larger pool of capital if needed. Regardless of investment size, Arrowroot chooses to partner with companies that will benefit from the focused and unique expertise and experience the firm offers.
About EiQ Networks
EiQ, a pioneer in hybrid SaaS security services, is transforming how mid-market organizations build enterprise-class security programs. Acting as an extension of our customers’ IT teams, EiQ provides continuous security operations based on best-of-breed technology at a fraction of the cost of alternative solutions. EiQ is a trusted advisor to organizations that need to improve their IT security and compliance posture and protect against cyber threats and vulnerabilities.
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