– TrueFort announced a $30m Series B round of financing led by Shasta Ventures with the participation of Canaan and existing investors Evolution Equity Partners, Lytical Ventures and Emerald Development Managers.
– As part of the financing round, Nitin Chopra, Managing Director at Shasta Ventures, is joining the company’s board of directors.
– The financing will support hiring across the company, expanded go-to-market activities and multiple R&D initiatives, including offerings that help enterprises better manage their application risk posture.
– Traditional security products have focused on protecting underlying IT infrastructure from threats but the success of attackers in executing ransomware, supply chain and phishing attacks show that there are still significant gaps in security coverage.