Cambridge’s Sqrrl stocks up on new funding to hunt down cyberthreats

Source: Boston Business Journal

Cambridge-based Sqrrl Data Inc., a startup focused on hunting down cyberthreats, has raised $12.3 million in a Series C round, bringing its lifetime investment to $28.5 million.

The latest investment is led by Boston-based Spring Lake Equity Partners, which will also take a seat on Sqrrl’s board. Existing investors Matrix Partners and Accomplice, both in Cambridge, also participated, as did California-based Rally Ventures.

When Sqrrl was founded in 2012 by a team of seven former U.S. government workers — including six from the intelligence-gathering National Security Agency — the startup aimed to help companies unlock their “big data”using a new database technology cultivated at the NSA.

But now the company is applying the technology to cybersecurity, allowing companies to scan huge datasets of security information and identify “subtle anomalies” that could indicate hard-to-spot attacks, Sqrrl’s vice president of business development Ely Kahn said in a March interview.

The new investment will be used to build out a global sales force, a priority that Kahn identified earlier this year. The company currently employs about 50 people, including 40 in Cambridge, and hopes to expand to about 75 worldwide workers by the end of the year.

The cybersecurity industry in Massachusetts has seen a lot of consolidation this year, as later stage companies trying to put together a full suite of enterprise cybersecurity offerings acquire smaller companies with interesting tech or talent.

Kelly O’Brien covers startups, venture capital and tech in Greater Boston.