Company Announces Strong Customer Growth, Record Increase in Contract Values, and $17M in New Funding in 2023, Demonstrating Strong Momentum Behind Sevco’s Approach to Accurate Asset Intelligence

AUSTIN, Texas–(BUSINESS WIRE)–Sevco Security, the cloud-native Cyber Asset Attack Surface Management (CAASM) platform that delivers the industry’s most accurate, continuously updated security asset inventory to better protect organizations, today announced record growth for fiscal year 2023 driven by new product capabilities that expanded user and software inventories and customer adoption of the Sevco Asset Intelligence Platform. Additionally, the company announced that it raised $17 million in new funding in 2023 led by SYN Ventures, with participation from .406 Ventures, Accomplice, Bill Wood Ventures, and Washington Harbor Partners.

The cyberattack surface has expanded to the devices, users and applications that are on an enterprise’s IT network that have, until now, gone undetected and unprotected. According to research unveiled in Sevco’s State of the Cybersecurity Attack Surface Report, more than 20% of IT assets accessing corporate networks do not appear in any enterprise source, such as endpoint protection, making them invisible to security teams. The market need for accurate and automated asset inventory solutions coupled with newly launched platform capabilities led to additional funding, bringing Sevco’s total funding raised since its inception to $38 million.