Overview

Code42 specializes in cybersecurity, focusing on protecting data from insider threats. Their main product, Incydr, works by analyzing patterns and behaviors to detect when an insider may be transferring data to untrusted systems. This allows companies to identify potential threats before they escalate, rather than just responding after an incident occurs. Code42 serves a variety of industries, including notable clients like Snowflake, who depend on their services to secure sensitive information. They operate on a Software as a Service (SaaS) model, where clients subscribe to access Incydr online, benefiting from continuous updates and improvements. This subscription model not only provides ongoing protection but also helps companies save money by preventing costly insider incidents, which can average around $16 million each. Code42's goal is to enhance data security for organizations by proactively addressing insider threats.

Simplify's Take

What believers are saying

• Remote work trends increase demand for Code42's insider threat solutions.
• AI integration enhances Incydr's predictive capabilities for detecting insider threats.
• Regulatory focus on data protection boosts demand for Code42's compliance features.

What critics are saying

• Integration with Mimecast may cause service disruptions if not managed well.
• Departure of key executives like Jadee Hanson may affect leadership stability.
• Reliance on partnerships poses risks if expected synergies are not achieved.

What makes Code42 unique

• Code42's Incydr proactively identifies insider threats before data exfiltration occurs.
• The SaaS model ensures clients receive regular updates and improvements for data protection.
• Partnerships with firms like Abnormal Security enhance Code42's product offerings.

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Funding

Total Funding

$133.8M

Above

Industry Average

Funded Over

2 Rounds

Notable Investors:

AccelNew Enterprise Associates

Notable Investors:

AccelNew Enterprise Associates

$85,000,000

Series B

Oct 2015

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.

Series B Funding Comparison

Above Average

Industry standards

Ind Avg. $35M

$4M

$30M

$45M

$65M

$85M

$100M

View all funding stages