PlexTrac Closes $10 Million Round to Fuel Growth of Cybersecurity Workflow Platform
Company provides the essential platform to unite offensive and defensive security teams, keeping all security professionals focused on the right work
IMMEDIATE RELEASE: Wednesday, April 14, 2021
Boise, Idaho — PlexTrac, a solution for cybersecurity professionals to identify and accomplish the right security work, today announced $10 million in Series A funding. Venture firms Noro-Moseley Partners and Madrona Venture Group led the round with participation from StageDotO Ventures. The company will use the funds to continue to build the team and grow the platform.
PlexTrac founder and CEO Dan DeCloss developed the platform to solve the pain points he experienced over his 15+ year career in the cybersecurity industry, including roles with the Department of Defense and in penetration testing. PlexTrac saw incredible customer and revenue growth in 2020. PlexTrac enables offensive and defensive security teams to collaborate in real time on cyber-attack simulations, known as purple teaming.
“Security professionals in all types of organizations are faced with unprecedented threats, but how they work has not substantially changed. PlexTrac brings red and blue cybersecurity teams together in one workflow to build transparency and efficiency at remediating vulnerabilities and defending against increasingly sophisticated adversaries,” said DeCloss. “The growing traction we are seeing with Fortune 500 companies speaks to how PlexTrac resonates with security professionals as they focus on a proactive assessment mindset. We are excited to work with our new partners at Noro-Moseley and Madrona on our growth trajectory.”
The mission of the company is to keep every cybersecurity team focused on growing their assessment capabilities, automating their reporting process, and collaborating more effectively.
PlexTrac addresses bottlenecks in getting security work done through
- Report automation for penetration testing and compliance
- Orchestration across multiple security tools and assessment teams
- Centralized collaboration throughout the testing, tracking, and remediation lifecycle
- Real-time analytics and risk visualizations
“Never before have security professionals seen the level of pressure they are now facing to protect their assets — and communicate with teams across the organization and outside of it. Dan brings personal experience and a clear vision to this challenge. We believe that PlexTrac is the solution that every security organization needs to succeed against current and future threats and are excited to support the team,” said John Ale, Partner at Noro Moseley.
“PlexTrac’s holistic approach to security and penetration testing reflects a fresh approach to this growing discipline in enterprise IT. By uniting red and blue teams on one platform, and developing deep integrations with existing infrastructure and tools, PlexTrac is bringing a software enabled workflow to IT pros and security engineers who are looking for ways to work smarter and faster. We have been impressed with the traction Dan and his team have driven over the last 12 months and we look forward to working with the team in the coming years,” commented S. Somasegar, Managing Director, Madrona Venture Group.
Based in Boise, ID, the team is hiring for local and remote positions.
Noro-Moseley Partners (www.noro-moseley.com) invests in early growth information technology and healthcare businesses with rapid revenue growth and scalable unit economics. Founded in 1983, NMP has built a strong network of successful entrepreneurs, strategic partners, management talent and value-added co-investors to support our portfolio companies. The firm typically seeks to be the first institutional investor in companies with annual revenue consistently between $2 million and $10 million.
Madrona (www.madrona.com) is a venture capital firm based in Seattle, WA. With more than 25 years of investing in early stage technology companies, the firm has worked with founders from Day One to help build their company for the long run. Madrona invests predominantly in seed and Series A rounds across the information technology spectrum, and in 2018 raised the first fund dedicated to initial investments in acceleration stage (Series B and C stages) companies. Madrona manages over $2 billion and was an early investor in companies such as Amazon, Smartsheet, Isilon, Redfin, and Snowflake.
StageDotO (www.stagedoto.com) is an early stage investment fund that identifies pre-Series A companies with energetic entrepreneurs driven by world-changing ideas. StageDotO leverages their expertise to help entrepreneurs build successful companies by actively lending 40+ years of startup investing experience, strategic relationships, and day-to-day operations.
PlexTrac, Inc. (www.plextrac.com) is a fast-growing cybersecurity company driven by a mission to improve the security posture of organizations and security teams of all sizes. The PlexTrac solution is a software platform focused on streamlining the reporting and remediation of cybersecurity risks and aiding efficient collaboration within security teams. Supporting organizations using a purple teaming paradigm, PlexTrac serves as the central communication hub to aggregate all of the components of an organization’s cybersecurity program.