Strider Technologies Raises $45 Million Series B
By Mark Tullis | published in Tech Buzz
Today Strider Technologies announced that it has closed $45 million in Series B funding. The round was led by Valor Equity Partners (Chicago), with participation from existing investors DataTribe (DC area), Koch Disruptive Technologies (Wichita, KS), and One9 Ventures (Ottowa, Ontario). Costa Saab of Valor Equity Partners will join Strider’s Board of DirectFounded in May 2019 by Utah State University Alumni and brothers, Greg Levesque (CEO) and Eric Levesque (Chief Strategy Officer), and by Mike Brown (CTO), Strider Technologies has developed the world’s first subscription-based SaaS software platform designed specifically for the commercial domain—Fortune 500 companies, government agencies, and research institutions—to respond to nation-state-directed activities targeting their personnel, intellectual property (IP), and supply chains.
TechBuzz profiled the South Jordan, UT-based company in November 2020 when it raised a $10 million Series A. To date, Strider has secured $57 million in venture capital funding, fueling product development and team growth, and establishing the company’s position in a new market category.
In addition, in November 2021, the company announced it was an industry partner of the Intermountain Intelligence, Industry, and Security Consortium (I3SC), a partnership funded with a $5 million grant from Utah’s state legislature, with participation from other founding members including Utah State University’s Center for Anticipatory Intelligence (CAI), Utah Valley University’s Center for National Security Studies (CNSS), and industry partners including Adobe, AgilePQ, FireEye, Fortem Technologies, Northrop Grumman, and Space Dynamics Laboratory.
The Series B investment comes at a time of rapid growth for Strider. In 2021, Strider increased annual recurring revenue by over 450 percent with a customer retention rate of 100 percent. Strider’s revenue growth came from premier Fortune 500 companies across semiconductor, pharmaceutical, aerospace and defense, and energy & chemicals industries, and contracts with government agencies.
“Strider is the first company to arm its customers with data intelligence to close the critical security gaps that nation-state actors have exploited for decades,” says Costa Saab, Chief Technology Officer of Valor Equity Partners, and former Senior Executive at the Central Intelligence Agency. “Strider’s solutions are groundbreaking and critical for any organization operating in this increasingly competitive and complex global marketplace. We are proud to support such an important mission and look forward to Strider’s continued growth.”
Strider will use the $45M Series B to enhance existing products, introduce new capabilities, and expand its team and geographic presence to support demand across industry and government markets. Strider will also look to expand its team of intelligence specialists, data scientists, software engineers, and professional and operational support staff all dedicated to protecting the ideals and innovations of the free world.
“Since day one, Strider has been focused on delivering data and software to our customers that empower them to protect their talent, intellectual property, and supply chains. Strider’s growth, and this investment, are further validation of our critical mission,” said Greg Levesque, CEO & Co-Founder of Strider. “We are extremely proud to partner with Valor Equity Partners as well as the continued support from our existing investors.”
“Strider provides a one-of-a-kind technology that empowers organizations to combat the growing nation-state sponsored economic espionage challenge,” said Mike Janke, Co-founder of DataTribe. “Their work is revolutionary, and we are proud to continue to support Strider as they scale their capabilities to help more organizations in need.”
Strider has operations in South Jordan, UT, Washington, D.C, and London, U.K.
