The Santa Clara, California, startup Awake Security raised $36 million in funding from Evolution Equity Partners in a round with participation from Energize Ventures and Liberty Global Ventures.
Awake Security provides security software that combines artificial intelligence with human expertise across machine learning and data science. Awake said it increased its annual recurring revenue by nearly 700% and doubled its employee head count over the past year.
The Series C funding round also included its existing investors Bain Capital Ventures and Greylock Partners.
“Our round was oversubscribed, and this capital injection gives us the ability to move faster when this is done,” Awake Security CEO Rahul Kashyap told Business Insider, referring to the coronavirus pandemic.
This investment brings Awake’s total funding to nearly $80 million and will be used to continue to develop product research and expand the company into Europe.
“We have always focused on talent rather than location, so a number of our staff already work remotely worldwide,” Kashyap added. “But we will be making more hires in Europe as part of our expansion.”
The European Commission recently said cybercrime could increase given the likelihood that locked-down citizens will spend more time online. “This is a space facing very relevant challenges,” Kashyap said.
You can check out Awake’s redacted pitch deck below: