US-based cybersecurity firm Arctic Wolf raised 0m in its latest funding round, taking their total funding up to 8m. The company has numerous plans of actions but has no strategic investment yet.
With its strong financial backing, Arctic Wolf can soon raise an Initial Public Offering (IPO). The company can also acquire other smaller startups to expand their services, or it can expand to more locations, or expand its workforce.
Upon receiving this large funding, Arctic Wolf decided to shift its headquarters from California to Minnesota, in order to capitalise on the workforce in the northern part of the US. “The new headquarters is also more central to our customers. And the business environment, specifically the talent pool, in Minneapolis – St. Paul is more favourable than in California”, said Nick Schneider, the company’s chief revenue officer.
Arctic Wolf’s services
Arctic Wolf provides its security services in an unconventional way. The firm believes that the problem of security breaches is not a problem of cybersecurity tools, but an operations problem. Therefore, Arctic Wolf provides detection and response services using its proprietary cloud-based platforms to ensure smooth operations.
Only two weeks ago, Arctic Wolf released its Security Operations Annual Report for 2020. In this publication, the cybersecurity firm highlighted a 429% rise in the number of corporate credentials exposed on the dark web.
Arctic Wolf’s channel partner for the last two calendar years, the Winslow Group, has constantly uplifted its cybersecurity services. “We saw this as an area of great opportunity for us”, Winslow stated, when it realised that cybersecurity was a primary concern of its clients and consumers. Winslow reiterated the company’s method of operations and asked Arctic Wolf to hire a lot more people for its sales, engineering, and security operations centre.