Summary List Placement
How do you convince investors to give a startup $525 million?
“You have to have a lot of proof points,” Lacework CEO Dan Hubbard told Insider, after his Silicon Valley startup raked in a half-billion-dollar round after previously raising a total of $74.4 million.
The six-year-old Silicon Valley company addresses the booming area of providing cybersecurity to companies growing and moving their operations to public cloud providers like Amazon Web Services or Microsoft Azure.
Perhaps the most important proof point is the total addressable market (TAM) that Lacework is tackling – a figure that gauges revenue opportunity – is climbing 20% year over year and reaching $13 billion in 2024. Analysts back that up.
Analyst Daniel Ives, managing director of equity research at Wall Street analyst firm Wedbush Securities, told Insider on Friday that “there’s $200 billion up for grabs in the next five years in cloud security.”
“We have the right product in the right market at the right time,” Hubbard told Insider last week. “The problem has come to us.”
The company says it has seen revenue triple each of the past two years as more businesses build and run applications on the major cloud platforms. The company did not disclose …read more
Source:: Businessinsider – Technology