Series A Round of $8M Led by Inovia Capital Fuels Product- and Partner-Led Growth
After a year of tremendous customer growth, Tugboat Logic, Inc. has raised a funding round of US $8M to expand its leadership position in the emerging Security Assurance market. The round was led by Inovia Capital, with participation from Westwave Capital and several leading industry investors such as Tom Noonan (Founder, ISS) and Terry Dolce (Founder, Carbon Black). This new investment will expand the automated compliance capabilities of Tugboat’s Security Assurance Platform, build out a robust channel of security partners, and expand its market-leading customer success infrastructure to ensure Tugboat Logic’s customers reach their InfoSec goals.
“Enterprises choose Tugboat Logic to solve a sales problem,” said Ray Kruck, CEO and Founder. “Our customers need help knowing what they need to do to pass the security due diligence stage of the sales process. We provide them with the guidance and automation to become audit-ready quickly, and then leverage their security posture with compelling assurance tools to share with their customers.”
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“After doing a lot of research for our SOC 2 preparation, Tugboat Logic was a no brainer. They are extremely knowledgeable and simplified a very difficult process. I highly recommend Tugboat Logic to anyone needing to prepare for a SOC 2 audit,” said Jim Burke, Executive Vice President at CheckpointID.
“Without a doubt, Tugboat allowed us to reach our SOC 2 compliance faster than we ever believed we could. This was not only a cost savings for us, but opened new revenue opportunities with customers. The Questionnaire add-on has, in just a few short months, already saved us at least 100 hours and over time, with its machine learning capabilities, it will become even more efficient and save us even more time,” said Karin Cross-Smith, President at Jorsek, makers of easyDITA.
“After evaluating several other solutions, our search team unanimously agreed that Tugboat Logic was the best solution, based on its usability, intuitiveness and feature set. The Security Questionnaire Response feature is a significant time saver when it comes to working with customer and prospect compliance requirements,” said Brett Allison, Director of Technical Services at IntelliMagic.
Tugboat Logic is investing further in its patent-pending AssureLogic AI engine to continue its mission of automating the most common activities that security and engineering teams are responsible for, including:
- Collect evidence automatically and continuously across the largest number of native cloud and core enterprise apps in the market using our CollectLogic™ tools and integrations – ensuring you can always prove you are secure to your customers with zero effort.
- Respond to lengthy security questionnaires instantly with Tugboat’s AnswerLogic™ engine that automatically searches our extensive database of security best practices and responds with the most relevant answer.
- Pass audits in half the time using Tugboat’s AuditLogic™ module that automatically searches evidence for your stated security controls, and presents it to the auditor for review.
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“We are excited to partner with Tugboat Logic to lead the Security Assurance market where we see the opportunity to bring automation and innovation to advance security operations for the enterprise,” said Shawn Abbott, Partner at Inovia. “There is a gap in the market for a new approach to help InfoSec teams scale up their impact on the business with applications and services that drive topline revenue for the organization. This gap is most acute for the small to mid-enterprise market where security and compliance assurance can be most challenging to achieve.”
In addition to building out its product and technology, Tugboat Logic will focus this investment in several additional strategic areas, including:
- Partner program of auditors, security technology vendors, and security service providers to expand the level of services available to its customers.
- Customer Success and Tugboat Security Labs teams to maintain its industry-leading Net Promoter Score of 91.
- Sales and Marketing to fuel the next stage of customer growth.
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