Defendify closes $3.35 million funding round to expand on cyber offerings, growth

groPORTLAND, ME – All-in-one cybersecurity platform Defendify announced that it has closed a $3.35 million funding round.

The round was led by existing investor Maine Venture Fund (MVF) with participation from current investors York IE, Maine Technology Institute (MTI), 3dot6 Ventures, Wasabi Ventures, and FreshTracks Capital. The company has been growing strong despite the pandemic, expanding both its reach and user base as it grows its team.
 
“Defendify is building a robust and comprehensive cybersecurity platform that is a fit for small and midsized organizations with limited IT resources,” Joe Powers, managing director at Maine Venture Fund said in the release. “We’re excited to be working with the team, and it’s clear Defendify’s leadership is well positioned to continue their impressive growth, including significant impact here in Maine and beyond.”

Defendify says that it offers growing businesses with smaller IT teams, “…a cybersecurity solution that’s simple, affordable, flexible, and scalable and aligns with regulatory, compliance, and cyber insurance needs.” This is important because cyber crime continues to grow alongside business with Cybercrime Ventures predicting damages to reach $10.5 trillion annually by 2025. Those same businesses may also face the loss of customers or fines failing to be compliant with cybersecurity risk assessments. 

“Defendify’s goal is to streamline cybersecurity and deliver return on investment. No organization in today’s modern business landscape can afford to operate without necessary cybersecurity strategies and protections in place,” Co-founder of Defendify Rob Simopoulos said. “Defendify provides peace of mind, ensuring that even organizations with small IT teams have access to robust, holistic cybersecurity. We’re thrilled that this new round of capital enables us to continue building our suite of solutions, increase exposure in the market, and grow our team to bring the Defendify platform to those who need it most.”

Security Systems News reached out Simopoulos to discuss the results of this funding round and the future for the company:

SSN - In your press release you mention that your team size has doubled alongside your outreach. In a time when other tech organizations are struggling what has your strategy been with regards to expansion?

Simopoulos - We’ve been expanding our team in all areas of our business. Recently we added new department leaders with John Mayfield heading up sales & customer success and Emily Carville leading marketing. Both of those departments have added new team members to help support our customers and our growth. Our engineering department is continuing to expand with additional developers to help build product features and our product support team is adding additional resources to assist with our quickly growing customer base.

I feel that operating and embracing a flexible hybrid work environment has allowed us to attract top talent to join our team. We now have amazing team members from east to west coast.

SSN - With your growth and this round of funding do you foresee any changes to the kind of clientele or demand for your services?

Simopoulos - One key driving factor for Defendify that we are seeing is with organizations who are receiving cybersecurity assessments from their customers and cybersecurity insurance providers. Organizations are being asked to prove that they have layers of appropriate cybersecurity protection in place. We have seen situations where organizations have been denied cybersecurity insurance or have been delayed on being awarded a project until cybersecurity controls are implemented as expected. With Defendify we can help our customers get that protection in place quickly and cost effectively.

SSN - What’s next for Defendify as you strive to meet growing cyber security needs in the industry?

Simopoulos - With this round of funding we will continue to improve the Defendify platform with new features, invest in sales and marketing to help bring Defendify to more customers worldwide, along with building a strong support system for our existing and future customers.

Defendify is an award-winning all-in-one cybersecurity SaaS platform that, “…streamlines cybersecurity assessments, testing, policies, training, detection, and response in one consolidated and cost-effective cybersecurity solution.” To learn more about Defendify and their cybersecurity offerings or schedule a demo with one of their cybersecurity advisors you can visit www.defendify.com.