We are excited to announce our investment in PlexTrac today. Madrona co-led the Series A round with Atlanta-based Noro Moseley Partners and participation from existing investors including StageDot0. We have been working with Dan for nearly a year and we are thrilled to be joining for the next stage of the PlexTrac journey.
PlexTrac is building the leading collaboration and workflow automation platform in the security testing space. Current tools for planning, executing, and reporting on security testing workflows are either nonexistent (manual reporting, spreadsheets, documents, etc.) or exist as largely incomplete features of legacy platforms. The pain point for security teams is real and PlexTrac is able to streamline their workflows, save time, and greatly improve output quality. These teams are on the leading edge of attempting to find and exploit vulnerabilities (red teams) and defend and/or eliminate threats (blue teams). This is an extremely important function of enterprise security organizations but planning, executing, and documenting attack simulations is often done manually, compiled into a single large PDF document, and then delivered to the CISO or exec team for review. This is an inefficient process with low granularity of data capture and no real time insight or analytics.
PlexTrac solves this problem by being the platform for planning and documenting penetration testing as well as providing collaboration tools for remediation activities. The platform ingests all testing activity (scans, attacks, defenses, etc…) and generates documentation, writeups, and reporting that are real-time and easily shareable across the security organization. They integrate with the major scanning and penetration testing software players in order to automatically ingest the data from runs and activities and provide a constantly up to date view of current security positioning. This gives security teams and CISOs an unprecedented level of transparency into their security posture, resource allocation, and any potential vulnerabilities.
As cybersecurity continues to be a fundamental and integral part of every company that is going through digital transformation, we continue to see a tremendous opportunity in the cybersecurity space. PlexTrac is a strong add to our portfolio of cybersecurity investments as we continue to look for great entrepreneurs with big innovative ideas in this space.
The CEO, Dan DeCloss, is a seasoned cybersecurity veteran who spent his career as a penetration tester before founding PlexTrac in 2018. We love partnering with CEOs like Dan who combine deep domain expertise with a passion for solving the problems they encountered themselves. Dan fits that bill perfectly and is passionate about building products for the future of cybersecurity.
Finally, this is Madrona’s first investment headquartered in Boise. We have always been focused on the Northwest and have tracked Boise’s emergence as a startup center closely over the last several years. It is exciting to see companies like PlexTrac and others start to truly breakout and we are eager to participate in the emergence of a new startup ecosystem.
We are thrilled to work with Dan and the PlexTrac team and support their growth in the coming years.
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