Our Investment in Cado Security
Even during this unpredictable year, the growth in cloud adoption by companies big and small has been something to count on. The growth rate is impressive: in a recent IDC poll of 551 tech buyers (the 2020 Cloud Computing Survey ), 59 percent said they planned to be “mostly” or “all” in the cloud in 18 months, up from 38 percent who say they are mostly or all in the cloud today. At Ten Eleven, we believe this growth will continue, bolstered by the agility and speed that cloud-based technologies have offered companies this year.
However, one of the biggest challenges to cloud adoption is security. At Ten Eleven, we have made several investments in companies working on cloud security. Until this point, our investments in cloud security have focused on protecting this infrastructure from attack – but this isn’t the only concern security teams have about shifting into these new environments. Security professionals also need to quickly assess the impact on their entire environment, including cloud and container-based infrastructure, should an attack occur. Companies can’t do this today because their tools are outdated and employees lack cloud technology training. As response regulations become more stringent (including faster time to mitigation requirements), teams simply can’t meet expectations with current resources.
That’s why we are thrilled to announce our seed investment in Cado Security. The Cado Security team is fueled by the mission to create world-class, cloud-native forensics.
The Cado Response platform, is a cloud-native, agentless technology that helps its users meet all regulatory and legal compliance standards in the aftermath of an attack, mitigating risk immediately. It empowers security teams (even those without extensive cloud training) to act fast, scale investigations quickly, and discover root cause, eliminating the need for pricey outside consultants. Companies can safely get back to business, having taken all required steps to secure customers’ data and protect all involved from future liability.
Like all venture investors, we invest in teams. We could not be more pleased to partner with founders James Campbell and Chris Doman on this mission. James and Chris know their problem incredibly well, have great empathy for the security experts grappling with these issues, and are extraordinarily talented technically. The time is right to bring their solution to market in a big way, as security teams and other investigation partners are ravenous for a cloud-ready forensics solution.
A final note: Cado Security is based in London and represents Ten Eleven’s third investment in the United Kingdom (next to Darktrace and Digital Shadows). Our firm believes that the best cybersecurity investments are found across the world, and we’re thrilled to add another European company to our portfolio. (And indeed, the ability to complete this investment virtually, during the pandemic and assisted by cloud-native technologies, reinforces our very investment thesis.) That said, we can’t wait to get back to London, celebrate with James and Chris, and get to work together to help grow their incredible technology into a global cybersecurity leader. Onward!
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