Expanse, a company that tracks and analyzes devices connected to the Internet and attack surfaces, has raised $70 million in Series C funding led by TPG Growth in a sign that the security analytics is a hot market.
The company launched its product in 2016 and has more than 10 customers with more than $1 million contract values. Expanse, which has raised $135 million to date, also has a federal government contract nearing the $100 million mark.
Expanse's customer list is also strong with the US military branches, Department of Defense, Department of Energy, CVS, PayPal and Capital One on the roster. That customer base has attracted a bevy of investors. While TPG led the funding round there were also investments Arianna Huffington, Peter Thiel, Egon Durban, Taylor Glover, Sam Palmisano, as well as return investments from NEA, IVP, and Founders Fund.
As for products, Expanse's two primary offerings are Edge Expander, which discovers, monitors and tracks assets and the global Internet attack surface, and Edge Behavior, which provides and outside-in view of your perimeter.
Those products are tied to a tracking engine that tracks IPs and network flows looking for information that ties assets to a organization. An Internet sensing platform indexes the Internet, stores data on connected devices and observes communications. Expanse uses the sensing platform to identify assets that are misconfigured or may be compromised.
Expanse's market opportunity revolves around a few core themes. First, security operations need to be more automated. That reality is why Palo Alto Networks recently acquired Demisto and RedLock. Palo Alto Networks is also adding artificial intelligence to allow security operations teams to move faster. And then, there's the security analytics market, which is a patchwork of dashboards and vendors for enterprises. And finally, Expanse is a play on edge computing and security. As 5G and the Internet of things ramps, there will be more devices connected and the attack surface will swell too.
Expanse is led by CEO Tim Junio and CTO and co-founder Matt Kraning. Junio formerly was at the CIA and met Kraning through a DARPA program.
Correction: Early version of this article had the funding at $70 billion instead of $70 million in the headline. That sum would have been quite the funding rounding.