By Krystal Hu
(Reuters) - U.S. cybersecurity software firm Semperis said it has raised over $200 million in a funding round led by private equity firm KKR & Co (NYSE:KKR) Inc at a valuation substantially higher than in its previous round.
Existing investors including Insight Partners and new investors such as Ten Eleven Ventures joined KKR in the round, Semperis told Reuters.
While the firm did not disclose its latest valuation, it was valued at about $142 million after raising $40 million in May 2020, showed data from private market data provider PitchBook.
The Hoboken, New Jersey-based identity security company said it has since experienced robust growth as enterprises invest in security solutions that could better protect them in a remote working environment.
"We are focusing on identity-driven cyber resilience and threat mitigation because in this new reality where companies are working remotely and accessing applications and assets in the cloud, putting everything behind a firewall no longer offers the same degree of protection," said Semperis Chief Executive Mickey Bresman.
Founded in 2014, Semperis provides identity security solutions for hybrid Active Directory users, with a focus on Microsoft (NASDAQ:MSFT)'s Active Directory - a directory service widely used by Fortune 500 companies across industries.
Semperis reported $11.6 million in revenue in 2020 and told Reuters its revenue has more than doubled year-over-year.
With the new funding, Semperis said it plans to grow its research-and-development team across the United States, Canada and Israel, and continue to grow its customer base in Europe and Asia.
It also said it plans to expand beyond identity protection into protecting a customer's entire cloud data.
KKR is investing through its Next Generation Technology Growth Fund II, which raised $2.2 billion from investors in January 2020.
An active investor in cybersecurity companies, KKR's portfolio includes artificial intelligence firm Darktrace PLC and digital identity management company ForgeRock Inc, both of which went public last year.