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Seattle cybersecurity startup ExtraHop to be acquired by private equity firms in $900M deal

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Left to right: ExtraHop CTO and co-founder Jesse Rothstein; CEO Arif Kareem; Chief Customer Officer and co-founder Raja Mukerji. (ExtraHop Photo)

Private equity firms Bain Capital and Crosspoint Capital will acquire cybersecurity startup ExtraHop for $900 million. It’s one of the largest acquisitions of a Seattle-area tech startup to date, and comes amid heightened cybersecurity concerns across industries.

ExtraHop uses machine learning to help companies prevent, detect, and eliminate threats on their networks, operating in a fast-growing sector of cybersecurity called “network detection and response.” It has around 1,000 customers including The Home Depot, Concur, Seattle Children’s, Ulta Beauty, and others. The 14-year-old company — which hinted at an IPO in the past — hit $100 million annual recurring revenue in the first quarter and expects that metric to grow by 40% this year.

Cybersecurity has been in the spotlight over the past year and particularly the last few months with large attacks affecting various entities including the meat industry, tech giants, federal agencies, and a major gas pipeline. The pandemic also provided new hacking opportunities as businesses shifted online and cyber criminals capitalized on the health and economic distractions.

“Organizations today face an array of incredibly sophisticated cyberattacks with diverse motivations that run the gamut from theft of sensitive personal and business data to illicit profit,” CEO Arif Kareem said in a statement. “Attackers have long had the advantage, and we’re on a mission to change that.”

Kareem said the deal, expected to close this summer, will accelerate growth and help customers “defend their operations from even the most advanced threats.”

Kareem and the company’s co-founders Jesse Rothstein and Raja Mukerji will stay on in their respective leadership roles. ExtraHop employs more than 500 people; they will also stay at the company. ExtraHop will continue operating under its own brand.

Mukerji and Rothstein remain minority investors in the company. The co-founders were both senior architects at Seattle networking and security giant F5 Networks prior to launching ExtraHop in 2007. The company began as an IT operations analytics provider and later added cybersecurity capabilities for both on-premise and cloud environments. Kareem joined ExtraHop in 2016 after executive stints at Tektronix and Fluke Networks.

“We believe that network detection and response is the next major cybersecurity segment and that ExtraHop has the best enterprise technology in the space,” David Humphrey, a managing director at Bain Capital Private Equity, said in a statement.

ExtraHop had raised $61.6 million to date and its last cash infusion was a $41 million Series C round led by Technology Crossover Ventures, which later exited its investment. Other investors include Madrona Venture Group, which co-led a seed round in 2007 and led the Series A round in 2009; Meritech Capital Partners; Isilon co-founder Sujal Patel; and others. Marc Andreessen and Ben Horowitz of Andreessen Horowitz invested in 2009 as angels.

Madrona Managing Director Matt McIlwain said the acquisition was a “strong return” for the Seattle venture capital firm. He first met Mukerji and Rothstein at an event in 2007, and lauded the co-founders for taking a long-term approach to building a business.

“They had a clear vision for enterprise needs around performance and reliability of their mission-critical applications,” said McIlwain, an ExtraHop board member. “Over time, they discovered that their capabilities could also solve enterprise security problems and that has become the core of their business.”

ExtraHop is ranked No. 15 on the GeekWire 200 list of top Pacific Northwest startups. It made an undisclosed number of layoffs in April 2020.

Bain used its $11.8 billion flagship fund to acquire ExtraHop; Crosspoint invested out of its $1.3 billion fund focused on cybersecurity, privacy, and infrastructure software sectors.

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Source: https://www.geekwire.com/2021/seattle-cybersecurity-startup-extrahop-acquired-private-equity-firms-900m-deal/

Start Ups

Sequoia backed Skillmatics raises INR 22.47 Cr in Series A round

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Skillmatics, which offers products for child skill enhancement, has raised INR 22.47 Cr in Series A round. According to MCA filings, Skillmatics placed a private placement offer in April to issue total 2,50,807 series A convertible preference shares to raise funding of nearly INR 22 Cr.

Smiti Holding and Trading Company has led the Series A round by contributing almost INR 15 Cr in the round. Smiti Holding has been allotted 1,67,205 convertible series A shares for its contribution. As per our reports, Vita Dani, owner of Indian Super League (ISL) franchise Chennaiyin FC, is one of the directors of the company. Dani is also the cousin of Reliance Industries Chairman Mukesh Ambani.

Dubai based Saanush Holdings and Patni Wealth Advisors have individually contributed INR 3.22 Cr. They both have been allotted 34,043 series A convertible shares.  Sohel Shikari and Ravi Nigam are other two angel investors who have participated in this round.

MCA filings have also revealed that Skillmatics had raised INR 22 CR in pre-series A round last year. Sequoia had led the pre-series A round by pumping almost 21 Cr in the round.

Skillmatics was part of the Sequoia Surge’s first cohort batch in 2019.

Based in Mumbai, Skillmatics is essentially a full-stack direct-to-consumer brand that develops innovative educational products and games. These innovative products have been designed to help children build core skills and improve their academic performance, the company claims. Dhvanil Sheth is the founder of the company.

The company claims to sell its products to more than 15 countries across the world. The company facilitates its global sales mostly through an international network of 3,000+ retail stores. In 2019, it became the first-ever Indian brand to sell across Hamleys globally.

The MCA filing revealed that the company had earned a revenue of Rs 14.82 Cr in Fy20 as compared to Rs 5 Cr revenue in Fy19.

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Source: https://www.techpluto.com/sequoia-backed-skillmatics-raises-inr-22-47-cr-in-series-a-round/

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Start Ups

Sequoia backed Skillmatics raises INR 22.47 Cr in Series A round

Published

on

Skillmatics, which offers products for child skill enhancement, has raised INR 22.47 Cr in Series A round. According to MCA filings, Skillmatics placed a private placement offer in April to issue total 2,50,807 series A convertible preference shares to raise funding of nearly INR 22 Cr.

Smiti Holding and Trading Company has led the Series A round by contributing almost INR 15 Cr in the round. Smiti Holding has been allotted 1,67,205 convertible series A shares for its contribution. As per our reports, Vita Dani, owner of Indian Super League (ISL) franchise Chennaiyin FC, is one of the directors of the company. Dani is also the cousin of Reliance Industries Chairman Mukesh Ambani.

Dubai based Saanush Holdings and Patni Wealth Advisors have individually contributed INR 3.22 Cr. They both have been allotted 34,043 series A convertible shares.  Sohel Shikari and Ravi Nigam are other two angel investors who have participated in this round.

MCA filings have also revealed that Skillmatics had raised INR 22 CR in pre-series A round last year. Sequoia had led the pre-series A round by pumping almost 21 Cr in the round.

Skillmatics was part of the Sequoia Surge’s first cohort batch in 2019.

Based in Mumbai, Skillmatics is essentially a full-stack direct-to-consumer brand that develops innovative educational products and games. These innovative products have been designed to help children build core skills and improve their academic performance, the company claims. Dhvanil Sheth is the founder of the company.

The company claims to sell its products to more than 15 countries across the world. The company facilitates its global sales mostly through an international network of 3,000+ retail stores. In 2019, it became the first-ever Indian brand to sell across Hamleys globally.

The MCA filing revealed that the company had earned a revenue of Rs 14.82 Cr in Fy20 as compared to Rs 5 Cr revenue in Fy19.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.techpluto.com/sequoia-backed-skillmatics-raises-inr-22-47-cr-in-series-a-round/

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Berlin-based healthtech startup Lykon raises €6.4 million and acquires AI Gaia Nutrition

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HealthTech startup Lykon has raised €6.4 million in its Pre-Series A funding round, led by MA Ventures, the venture capital fund of the Migros Aare cooperative (managed by Redstone), and IPPEN.MEDIA, a big German media house with one of the largest online media networks. Also joining this round were other investors such as family offices and business angels.

In addition to the fresh funds, Lykon has acquired Gaia Nutrition, one of the technology leaders for personalized nutrition plans. The acquisition was closed earlier this year, strengthening its authority in data-driven personalisation of food products and nutrition recommendations.

Founded in 2015, Lykon is Germany’s market leader for personalized nutrition concepts based on certified blood and DNA tests. Supported by machine learning and artificial intelligence, Lykon provides users with customized nutritional recommendations, recipes, products and a guidance for better health.

Benefitting from people’s increased awareness of health issues and increased openness to self-testing, in recent months the startup has substantially expanded its customer base.

Lykon’s founder and CEO Tobias Teuber commented on the new funding round: “Our new investors are a perfect fit at this stage of our company’s growth, as they not only bring us funding, but also provide us with expertise and access to new distribution channels and markets. This will take us even closer to our goal of making 100 million people healthier thanks to customized nutrition.”

The new funds will be used to continue to improve the customer journey and develop the technology. A further Series A financing round is envisaged for the end of 2021/early 2022.

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Source: https://www.eu-startups.com/2021/06/berlin-based-healthtech-startup-lykon-raises-e6-4-million-and-acquires-ai-gaia-nutrition/

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Start Ups

Berlin-based healthtech startup Lykon raises €6.4 million and acquires AI Gaia Nutrition

Published

on

HealthTech startup Lykon has raised €6.4 million in its Pre-Series A funding round, led by MA Ventures, the venture capital fund of the Migros Aare cooperative (managed by Redstone), and IPPEN.MEDIA, a big German media house with one of the largest online media networks. Also joining this round were other investors such as family offices and business angels.

In addition to the fresh funds, Lykon has acquired Gaia Nutrition, one of the technology leaders for personalized nutrition plans. The acquisition was closed earlier this year, strengthening its authority in data-driven personalisation of food products and nutrition recommendations.

Founded in 2015, Lykon is Germany’s market leader for personalized nutrition concepts based on certified blood and DNA tests. Supported by machine learning and artificial intelligence, Lykon provides users with customized nutritional recommendations, recipes, products and a guidance for better health.

Benefitting from people’s increased awareness of health issues and increased openness to self-testing, in recent months the startup has substantially expanded its customer base.

Lykon’s founder and CEO Tobias Teuber commented on the new funding round: “Our new investors are a perfect fit at this stage of our company’s growth, as they not only bring us funding, but also provide us with expertise and access to new distribution channels and markets. This will take us even closer to our goal of making 100 million people healthier thanks to customized nutrition.”

The new funds will be used to continue to improve the customer journey and develop the technology. A further Series A financing round is envisaged for the end of 2021/early 2022.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.eu-startups.com/2021/06/berlin-based-healthtech-startup-lykon-raises-e6-4-million-and-acquires-ai-gaia-nutrition/

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