Apr 09, 2019
Expanse Announces $70 Million Series C Funding, Led by TPG Growth
Company’s explosive growth includes over $100 million in federal contracts across all military services, multiple Fortune 10 customers, and tripled sales year-over-year since launch
San Francisco, CA - April 9, 2019 - Expanse, an Internet information technology (IT) operations management platform, announced today that it has raised $70 million in Series C funding led by TPGGrowth. The round also welcomes investments from Arianna Huffington, Peter Thiel, Egon Durban, Taylor Glover, Sam Palmisano, as well as return investments from NEA, IVP, and Founders Fund.
While more than $500 billion per year is spent on internet connectivity and related IT services, organizations have no central tool to manage all of their internet-connected assets. This inability to monitor all assets is the root cause of almost every major cybersecurity breach in the last decade. Nonetheless, organizations still typically utilize an error-prone process of populating spreadsheets with the help of many different employees and tools. The boundaries of enterprise networks will get increasingly complex, as there are expected to be three times as many internet-connected devices (28.5 billion) by 2022 as there are people on the planet, according to a Cisco report. Meanwhile, as more countries follow the European Union’s lead with the General Data Protection Regulation (GDPR), a greater demand and penalty will be placed upon businesses to govern their data and manage their networks in accordance with regulations.
This Series C funding validates Expanse’s rapid success and significant market opportunity for the company’s unique approach of indexing everything connected to the public internet to inform customers in real-time what they own, what’s at risk, and how to protect their most critical assets. Since the launch of its Expander product, the company has amassed a deep, lucrative foundation of elite international customers across government, Fortune 500 companies, and internet service providers (ISP), including CVS/Aetna, PayPal, Capital One, Allergan, Hudson Bay Company, the US Army, US Navy, US Air Force, and the Departments of Defense, Energy, and State.
"We’re seeing unprecedented traction because every large organization is unable to map the constantly changing boundaries of its network unless it’s using Expanse,” said Tim Junio, the CEO and Co-Founder of Expanse. “While internet services—SaaS, IaaS, IoT or public cloud—provide businesses cutting-edge solutions to their problems, the underlying internet infrastructure these tools are built upon is broken. As organizations’ reliance on these services grows, so too does their need to better understand, manage, and secure their information that flows across the internet’s infrastructure—and we are the only company providing them an integrated solution to do so.”
"Today, Expanse provides an essential suite of services that every business should be using to understand and protect the true extent of their network," said Tim Millikin at TPG, who also helped lead their investments in Tanium, ZScaler, and Box. "We see immense potential in Expanse that puts them on a pathway to being one of the world's most impactful software companies. The company’s underlying technology is uniquely positioned to serve as a platform that can serve a wide variety of purposes including governance, management, and more. This platform will help users better navigate and secure their technology infrastructure, and we are excited to help them grow.”
"Enterprises don't know the edge of their network unless they're using Expanse," says Somesh Dash, General Partner at IVP, which committed significantly in the round. "Whether we're talking about security or governance, it's simply bad business if an organization cannot monitor and oversee all their internet assets. Expanse’s unique approach to inform businesses in real time what they own, what’s at risk, and how to protect their most critical assets—is the reason the company is tripling sales year-over-year."
The company plans to apply the funds to accelerate its business’ go-to-market strategy, including international expansion beyond its existing overseas customers in the United Kingdom, Canada, Australia, and Japan.