Strider Raises $55 Million to Bolster Cyber Intelligence Capabilities

Strider Technologies, a cyber intelligence company based in Salt Lake City, Utah, has raised $55 million in Series C financing to help organizations combat the increasing threat of nation-state hacking. The funding round was led by Pelion Venture Partners, with Managing Partner Blake Modersitzki joining Strider’s board of directors. Other participants in the round included existing investors such as DataTribe, Cyfr Capital, and Valor Equity Partners, along with AXA Venture Partners, the investment arm of insurer AXA.

Strider specializes in analyzing open-source intelligence (OSINT), which consists of publicly available data from news articles, social media, blogs, and other online content, to gain insights into cyberattacks and security threats. The company, which employs over 180 people and operates in 10 countries, is focused on addressing nation-state cyber activities. According to CEO Greg Levesque, the sheer volume of data created online in recent years represents a “tectonic shift” in intelligence gathering, highlighting the growing importance of innovative technologies in cybersecurity.

Founded in 2019 by Greg Levesque, along with his brother Eric Levesque, and Chief Data Officer Mike Brown, Strider has raised a total of $110 million in venture funding, including this latest round. The company plans to use the new funds to accelerate its research and development efforts, particularly in the areas of artificial intelligence (AI). Strider is currently developing a large language model (LLM) that is designed to rapidly process threat information and respond to queries from cyber analysts. While the LLM is not yet available to customers, it is already being used internally to assist in identifying cyber threats. The model aims to streamline the intelligence process, freeing up analysts to focus on more complex, strategic decisions rather than spending time on basic data gathering.

Strider is also expanding its international footprint, having opened an office in Tokyo, which is currently its fastest-growing international market. This expansion is part of the company's broader strategy to offer cyber intelligence solutions globally, as nation-state threats continue to escalate.

The rise in demand for Strider's services reflects the broader industry trend of private companies stepping in to offer intelligence solutions traditionally associated with government agencies. Like Strider, other companies such as Palantir Technologies and Huntress are providing advanced data analytics and cybersecurity tools to governments and private enterprises alike. These firms often have leadership with backgrounds in intelligence or law enforcement, including alumni from agencies like the National Security Agency (NSA), the FBI, and the CIA.

The increasing frequency of cyberattacks, particularly those backed by nation-states such as China, Iran, North Korea, and Russia, is driving demand for private-sector intelligence capabilities. These attacks are no longer limited to government targets; they are now affecting corporations and even individuals. The geopolitical landscape, with ongoing conflicts in regions like Eastern Europe and the Middle East and rising tensions in areas such as the Taiwan Strait, is exacerbating the need for robust cyber intelligence solutions.

Strider’s latest funding round and technological innovations are strategically designed to position the company as a leader in the expanding market for cyber intelligence services. As nation-state cyber threats become increasingly sophisticated, there is a rising demand for advanced solutions that can address both the complexity and scale of these challenges. Strider’s focus on utilizing open-source intelligence (OSINT) to analyze publicly available data for insights into cyberattacks, combined with its development of a large language model for rapid threat assessment, demonstrates the company's commitment to staying at the forefront of the cybersecurity landscape.

By leveraging artificial intelligence and other cutting-edge technologies, Strider is aiming to enhance its ability to detect, understand, and mitigate cyber threats in real-time. The company’s international expansion, particularly in fast-growing markets like Japan, underscores its global ambitions to offer comprehensive cybersecurity solutions to a wide array of clients. With its strong backing from investors and continued focus on innovation, Strider is well-positioned to become a pivotal force in the fight against nation-state hacking and other cybersecurity threats.