Cybersecurity Startup Praetorian Raises $10M, Announces McKinsey Partnership

Ellen Glover
by Ellen Glover
February 13, 2020
Austin-based cybersecurity startup Praetorian raises $10 million and announces a new partnership with McKinsey
Praetorian Facebook

Cybersecurity startup Praetorian announced Thursday it closed on a $10 million Series A funding round led by Bill Wood Ventures and McKinsey & Company, a consulting firm not known for investing in startups (according to Crunchbase, it has invested in only seven of them since its founding in 1926). 

Austin-based Praetorian provides a suite of cybersecurity solutions that are meant to act as an extension of a company’s team. The company works with organizations in the technology, finance, healthcare and manufacturing industries to ensure everything from their IoT devices to mobile applications are running efficiently and securely.

"The cybersecurity problem has grown in importance over the years and now carries socio-economic, geo-political, and life-and-limb impact,” Praetorian CEO Nathan Sportsman told Built In in an email. “We believe the solution to the issue lies in the combination of expertise + engineering — 1+1=3."

Sportsman founded the company in 2010 and it has since been recognized on the Inc. 5000 list, a ranking of the nation’s fastest growing companies, for six consecutive years. Its customers include Zoom, Google, Microsoft and Samsung. 

For years, Praetorian did not accept outside investments. Instead, the company achieved profitability and cash flow positive operations through bootstrapping. However, Sportsman says this new capital will “accelerate” their “ambitions by shaving off a decade in achieving [their] long term vision" and for talent acquisition, especially in the artificial intelligence field.

As part of its funding, the company said its new strategic partnership with McKinsey will “help clients solve complex cybersecurity challenges and secure innovation.”

Austin startup guides

LOCAL GUIDE
Best Companies to Work for in Austin
LOCAL GUIDE
Best Software Engineer Jobs in Austin
LOCAL GUIDE
Coolest Tech Offices in Austin
LOCAL GUIDE
Best Sales Jobs in Austin
Developer Jobs
View 327 jobs
Design + UX Jobs
View 51 jobs
Marketing Jobs
View 111 jobs
Product Jobs
View 52 jobs
Sales Jobs
View 288 jobs
Data Jobs
View 92 jobs