Ontic raises $230 million led by KKR as corporate spending on security surges
Aug 21 (Reuters) - Ontic has raised $230 million in a funding round led by alternate investment firm KKR KKR.N, it said on Friday, as it seeks to integrate artificial intelligence into its corporate security software and expand globally.
The company's platform helps corporate security teams respond to physical threats to staff and facilities. Ontic says its software eliminates manual processes while protecting executives, preventing workplace violence and limiting travel risk.
Corporate security spending has risen following the fatal shooting of a UnitedHealth Group UNH.N executive last year, as more companies see heightened threats to their top brass.
The series C funding round also involved JMI Equity, Silverton Partners, Ridge Ventures and Ten Eleven Ventures. The company did not reveal the valuation at which the funding was raised.
"Ontic has shown a remarkable ability to support security teams across industries — from multinational enterprises to federal agencies — by addressing the increasingly complex and data-driven nature of security," said Jake Heller, partner at KKR Americas.
The company's clients include several Fortune 50 companies across technology, financial services and consumer goods sectors.
Kastner Gravelle LLP served as legal advisor to Ontic. This round comes 4 years after the company had raised $40 million, led by JMI Equity.
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