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. Unlike many competitors, Code42's approach is proactive, helping organizations anticipate risks. Their goal is to safeguard sensitive information for various industries, as evidenced by their work with clients like Snowflake. Code42 operates on a Software as a Service (SaaS) model, where clients subscribe to access their services online, ensuring they receive regular updates and the latest protection against insider threats. By preventing costly data breaches, which can average $16 million per incident, Code42 aims to provide significant value to its customers.

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