Princeton-based Edison Partners on Tuesday announced a $20 million investment in Field Effect, an Ottawa-based global cybersecurity company. Edison Partners leads the $30 million round, joined by other strategic investors, who have contributed a combined $10 million.
Field Effect, which specializes in “intelligence-grade protection” for the “vastly underserved” small and medium enterprise market, plans to use this capital to boost its sales and marketing efforts as it expands its presence across North America and Europe. Additionally, the funds will support product and service evolution, financial scaling and further development of commercial operations, including e-commerce.
Field Effect’s flagship product, Covalence, is a holistic cybersecurity platform for cloud, network and devices. The company’s software provides managed detection and response services to SMEs, and is sold both directly to companies and through existing information technology partners, to a customer base that spans North America and the U.K.
“Digital assets and infrastructure are at a critical juncture of vulnerability, and Field Effect is positioned for continued momentum with its SME cybersecurity offerings. We’re thrilled to partner with Field Effect in its efforts to accelerate and expand its market presence,” Lenard Marcus, general partner of Edison Partners who led the investment and joined the company’s board of directors, stated.
“Field Effect is excited to work with Edison Partners to help scale our sales and marketing efforts and expand into new markets. We look forward to evolving our products and services even further and continuing to delight SMEs both directly, and through our partners, including managed services providers and IT resellers, thereby enhancing our reputation as a holistic and flexible cyber security company,” Matt Holland, co-founder and CEO, Field Effect said.
Field Effect was advised by Dentons during the investment process.