IVP leads $40 million investment in Qadium’s ‘beyond the firewall’ security solution

Qadium wants to help large organizations better define and defend their network boundaries and today announced it has secured an additional $40 million in a round led by IVP. New investor TPG Growth joined, as did returning investors NEA, Founders Fund, and Susa Ventures.

Based in San Francisco, the startup indexes every device on the public internet — a set of devices with publicly routable IP addresses assigned to them at a given time — every hour. It uses this data to flag risks and security breaches an organization may face.

“There is a great amount of growing interest in ‘beyond the firewall’ solutions, as companies are coming to realize that an enclave model, of making perimeter security better, is insufficient,” wrote Qadium cofounder and CEO Tim Junio, in an email to VentureBeat. “Every large organization now has porous and interdependent networks — think managed services, cloud hosting, employees bringing their own devices, regional offices around the world with local internet service, etc.”

Junio, who is a former analyst at the CIA, founded Qadium in 2012 to provide a software as a service (SaaS) cybersecurity model. Today, customers include PayPal, CVS, Fluor, Capital One, and Allergan, and the service is also deployed at such government agencies as the U.S. Cyber Command, the cyber operations arm of the U.S. military.

Customers log in from a common web browser to view all web assets and connected devices from their networks that have been on the public internet in the last three years. “It’s kind of like a digital video recorder (DVR) for their true network surface area,” wrote Junio. Qadium then prioritizes results, offers relevant context, filters by time, provides industry comparisons, and more. Customers are billed on an annual basis, with prices ranging from $500,000 to $1 million.

To date, Qadium has raised a total of approximately $60 million. It will use the new money to grow its product and engineering team of 60 and to increase sales and marketing. “We have spent $0 on marketing and need to change that to reach a broader audience of organizations,” wrote Junio.