MORRISVILLE — An offshoot company of LifeOmic is taking off after raising $19 million in venture funding.
JupiterOne, based in Morrisville, is a security product that helps companies manage their cyber assets. It was founded as a subsidiary of LifeOmic, a cloud-native healthcare software company with headquarters in Indianapolis and an office in RTP.
“We built JupiterOne because we saw a gap in how organizations manage the security and compliance of their cyber assets day to day,” said Erkang Zheng, founder and CEO of JupiterOne.
“Compliance should be a natural outcome of doing security correctly, and that starts with understanding what resources you have, how they are configured, who owns them, and how they are connected to each other.”
Cyber security asset management is a fast-growing segment of the global security and compliance market, estimated to reach $8.5 billion in spending by 2024.
Erkang initially served as LifeOmic’s chief information security officer, and built JupiterOne to support security and compliance needs for LifeOmic’s cloud software.
After hearing feedback from customers on the value of its novel approach to automating security operations and compliance, LifeOmic productized this solution as JupiterOne in 2018.
High-profile customers include Reddit, Databricks, HashiCorp, Addepar, Auth0 and OhMD.
“We see a large multibillion dollar market opportunity for this technology across mid-market and enterprise customers,” said Enrique Salem, partner at Bain Capital Ventures, which led the round with additional investment from Rain Capital, LifeOmic, and individual investors.
“Asset management is the first step in building a successful security program, and it’s currently a tedious, imperfect process that’s well-suited for automation.”
Salem now joins the JupiterOne board.