Cybersecurity Firm Onapsis Raises $55 Million To ‘Significantly’ Scale

Boston-based cybersecurity company Onapsis, which is charting a course to go public, just raised $55 million in a round of funding that was co-led by its board’s vice chairman, former FireEye CEO Dave DeWalt.

The company said it would use the new cash infusion to grow “significantly.”

Onapsis’ technology is used by more than 300 enterprise customers around the world to patch flaws in SAP and Oracle products that are deployed across industries with critical data, including medical research, the energy industry, and payroll and finance.

“Legacy security solutions don’t meet the requirements of today’s business applications – especially in the SaaS world,” DeWalt said in a statement. “These applications, which are at the core of every enterprise’s digital transformation and have accelerated due to the global pandemic, are facing the perfect storm, yet the tools used to protect them aren’t purpose-built for the job.

Onapsis says it wants to use the cash to protect intelligent enterprises as well as helping to accelerate the digital transformation of business, by offering customers a cybersecurity and compliance solution for “all mission-critial applications” whether those programs are running on premises or in the cloud.

“As a long-term investor, we’re pleased with the quality of the company’s partnerships with leading business software providers and its recognition as an organization at the forefront of cyber threat detection and remediation,” said Alexandre Synnett, Executive Vice President and Chief Technology Officer at CDPQ. “We look forward to supporting the new growth initiatives put forward by the Onapsis management team and contributing, through this investment, to improving global cybersecurity.”

Onapsis said its product is used by more than 20 companies in the Fortune 100 and it has a 98 percent retention rate among its users. The company also said it has partnerships with some of the biggest systems integrators in the world: Accenture, Deloitte, and IBM among others.

Based in Boston, but with offices in Germany and Argentina. The Onapsis Research Labs has discovered and mitigated more than 800 zero-day vulnerabilities in mission critical applications, the company said.