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Phantom Raises Series B Funds for Security Automation Platform

Phantom has obtained $13.5 million in a Series B funding round led by venture capital firm Kleiner Perkins Caufield & Byers and backed by In-Q-Tel.

Phantom will use the funds to expand engineering, sales and marketing operations in support of its platform that works to automate and orchestrate security operations, the company said Tuesday.

The latest funding round brings the company’s total funds to at least $23 million and comes nearly a year after it signed a strategic partnership agreement with In-Q-Tel to facilitate the development and bring to the public sector its security automation and orchestration tool.

Ted Schlein, general partner at Kleiner Perkins, said companies use security automation and orchestration tools in an effort to address the “growing volume and velocity of security alerts” amid the shortage of cybersecurity professionals.

Phantom’s platform is a community-backed technology offering that works to integrate disparate security products deployed across an enterprise and help analysts automate investigation, vulnerability management, patching and containment operations.

Other investors that joined In-Q-Tel and KPCB in the latest funding round include Blackstone (NYSE: BX), Foundation Capital, Rein Capital, TechOperators Venture Capital, NetSuite CEO Zach Nelson and John Thompson, chairman of the board at Microsoft (Nasdaq: MSFT).

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