British Hadoop security startup expands to New York to land big investor
Panaseer reckons market there is more mature, i.e. it spends more money on security
British security startup Panaseer is expanding to New York from London as it plans to land a large American investor in 2017.
Panaseer will remain headquartered in London, where it develops its proprietary Security Data Lake to bring "the application of data science, advanced security intelligence and data engineering" to its customers, so they can monitor the security challenges they face.
That client base is already populated by New York Fortune 500 companies. Speaking to The Register, CEO Nik Whitfield said Panaseer had always targeted both the US and UK markets, but the US market was simply spending more.
Panaseer will initially be sending six or so staff to New York, including its business execution chief, Jon Hawes, who will be heading the setup.
Whitfield said that the expansion decision was "a direct response to demand" from the New York client base, many of which are involved in financial services, "as well as being a strategic business decision to increase our market presence" and identify future clients.
It is not only clients that Panaseer will be seeking, however, with Whitfield confirming to The Register that, having raised $2.25m in seed funding, the company was seeking to engage in a Series A funding round in 2017, involving a large US investor with domain expertise in technology startups and corporate relationships with financial institutions.
"We have ambitious growth targets for 2017, so it makes sense for us to be located in a global financial epicentre so that we can fully support our existing and new clients," Whitfield said. ®