Participated · Equity · Mar 2025

ReliaQuest’s core product, GreyMatter, is a cloud-native, Agentic AI-powered security operations platform that integrates with more than 200 cybersecurity tools to automate detection, investigation, containment and response. The platform uses data-stitching, detection-at-source, AI and automation to eliminate Tier 1 and Tier 2 work and deliver outcomes tailored to each customer’s architecture. ReliaQuest says customers can perform investigations 20x faster with 30% greater accuracy and contain threats in less than five minutes. The company reports over 1,000 customers, roughly 1,200 employees across six global operating centers, and has grown ARR more than 4x since 2020 to surpass $300 million. ReliaQuest is growing at more than 30% year-over-year and is operating profitably. The company intends to use new funding to further develop Agentic AI-driven cybersecurity automation and support ongoing international expansion. ReliaQuest offers GreyMatter, a cloud-native Open XDR-as-a-Service platform that unifies telemetry to deliver detection, investigation, response and resilience with 24/7/365 security expertise. The company supports fully managed MDR, co-managed security operations, and an automated Open XDR platform to help customers mature security programs and produce board-ready reporting. Recent product advances include a patented GreyMatter Universal Translator, a Model Index for program measurement and reporting, and Verify for breach and attack capabilities. Leadership and board hires accompanied product and go-to-market expansion. Financially, ReliaQuest surpassed $100M in annual recurring revenue and more than doubled new customers year-over-year. The company is private and headquartered in Tampa, Fla., and plans to use new funding to accelerate global expansion and continued development of the GreyMatter platform. ReliaQuest is a Tampa, Fla.-based advanced cybersecurity managed service and intelligence platform serving global enterprises. It provides GreyMatter, a cloud-native SaaS platform, alongside a team of trained cyber analysts to deliver security effectiveness and efficiency. GreyMatter consolidates, normalizes, and correlates data from customers' existing cyber technologies to increase enterprise-wide visibility. The platform leverages artificial intelligence and automation to enable continuous threat detection, threat hunting, and remediation. In August 2020 the company raised over $300m in growth financing to accelerate growth initiatives. The funding will support international expansion and platform development, and the company planned to add another 100 employees worldwide through 2020. ReliaQuest delivers customized co-managed security services through advanced security operations centers, documented processes, and a team of trained security analysts and engineers. Its offering unifies people, process and technology across on-premise and co-managed service requirements. The company serves a growing blue-chip client base across healthcare, retail, utilities, telecom and financial services. Founded in 2007 and headquartered in Tampa, FL, ReliaQuest emphasizes helping customers understand threats and optimize security platforms. Demand for its services is rising amid a dearth of security talent and proliferating security tools; the article cites Gartner estimating the global security outsourcing market at nearly $14 billion with roughly 15% annual growth through 2019. ReliaQuest intends to use new capital to fuel continued growth and expand its technology platform.

Participated · Series C · Jan 2020

Evolv Technology develops AI-powered weapons-detection hardware and software sold through long-term subscription contracts, with its flagship product Evolv Express. The company says Evolv Express is deployed at over 400 customers across education, healthcare, professional sports and other markets. Evolv’s systems have scanned more than 425 million people. Management framed the financing as supporting a rapidly growing subscription offering and enabling a capital-free SaaS model by offsetting cash used to fund hardware purchases from its contract manufacturer. Evolv has been awarded the U.S. Department of Homeland Security SAFETY Act designation as a Qualified Anti-Terrorism Technology and received a Security Industry Association New Products and Solutions award. The company intends to use the new capital to strengthen its balance sheet and support long-term growth plans. Evolv provides free-flow weapons-screening and threat-detection systems that identify metal and non-metallic objects using artificial intelligence, machine learning and sensor technology. The company is led by new CEO Peter George and co-founder and prior CEO Mike Ellenbogen. Evolv’s systems have screened more than 50 million people and are credited with preventing more than 5,000 weapons from entering schools, stadiums, concert halls and other public venues. Installations include Lincoln Center, Oakland Airport, Gillette Stadium, L.L. Bean and Spartanburg School District Six, among hundreds of other customer locations worldwide. Following a year of record growth, the company plans to use new funding to expand sales, marketing, customer support, channel programs and product development. Total funding in the company now exceeds $75 million. Evolv Technology offers the Mosaiq™ Platform, which integrates real-time video surveillance with low false alarms, walkthrough firearm and explosive detection, facial recognition, and security analytics. The platform is designed to protect both soft targets and hard assets. The company serves government agencies and private businesses. Founded three years ago by Mike Ellenbogen and Anil Chitkara, Evolv is focused on continuing product development. The company intends to use new funding to expand operations and grow revenue. Evolv Technologies is developing metamaterials-based imaging and detection technology intended for use in airports and other high-risk facilities. The company was spun out by Intellectual Ventures and is led by security imaging industry veteran Mike Ellenbogen. Its portfolio of intellectual property was invented by Intellectual Ventures in partnership with Duke University’s Center for Metamaterials and Integrated Plasmonics. Evolv plans to sell and license this IP while commercializing the imaging technology. In August 2013 the company raised $11.8m in funding from backers including Bill Gates, Lux Capital, General Catalyst, and Osage University Partners. Bilal Zuberi of Lux Capital will join Evolv’s board and the company intends to use the proceeds to further develop its imaging technology.