46 enterprise tech startups to bet your career on in 2021

  • Enterprise tech startups are generally stable during economic downturns.
  • That makes them good places to work in any climate. 
  • We rounded up the rising enterprise startups where we think you’d be smart to take a job in 2021.
  • Visit the Business section of Insider for more stories.

If there’s one industry you can bet on during an economic downturn, it’s enterprise tech.

According to a report from OpenView Venture Partners, enterprise software is virtually recession-proof. That’s because companies, whether they’re in tech, finance, retail, or virtually any industry, rely on enterprise software to make their businesses run.

That’s even more true now: As the pandemic forced businesses to shut their offices, the remote work boom has caused a surge in demand for enterprise tech that helps companies communicate remotely, analyze their data, speed up their work processes, and more.

So while there’s always some risk in taking a job at a startup, we think now may be the best time ever to make the leap.

To make this list, we looked at a broad range of attributes, including the strength of the founding team; the investors and their caliber; valuations, recent and total funding based on estimates from PitchBook (rounded to the nearest million); and the product or service the startup offers.

This year, we also paid close attention to how the business was affected by the pandemic shutdowns. This list focuses on enterprise tech startups, but you can find our general tech startup picks here.

Here are the enterprise tech startups we think you’d be smart to work for in 2021, listed in order of least to most capital raised:

Launchable

City: San Jose, California

Founded: 2019

Total funding: $3 million

Valuation: Undisclosed

What it does: Launchable helps developers test their software so they can release code faster and more often.

Why it’s a good bet: The startup has a strong founding team: the creator of the popular open-source project Jenkins, Kohsuke Kawaguchi, and Atlassian vet Harpreet Singh.

Their software identifies what kind of bug tests are most valuable for the code being worked on, which can save developers hours.

BoostUp

City: Santa Clara, California

Year founded: 2018

Total funding: $6 million

Valuation: $12 million

What it does: BoostUp builds a platform that helps companies use data to better predict revenue and customer behavior.

Why it’s a good bet: While BoostUp is taking on much larger startups like Clari and People.ai, it has raised its $6.25 million in funding from executives from prominent tech companies such as Okta, Google, and Palo Alto Networks, and well-known investors including Canaan Partners.

FireHydrant

City: New York

Founded: 2018

Total funding: $10 million

Valuation: $28 million

What it does: FireHydrant is an IT incident response application that can automatically create tickets, alert the need-to-know employees, and record data for tracking purposes.

Why it’s a good bet: FireHydrants’ tool has become even more sought after during the pandemic because coworkers can’t with deal technical fire drills by physically turning to each other anymore, the company told Insider in May, and its product makes coordination simple. 

Since founder Robert Ross started the company as a side project in 2018, he’s grown it to about two dozen employees and is currently hiring in all 50 states.

 

StackHawk

City: Denver, Colorado

Year founded: 2019

Total funding: $15 million

Valuation: $40 million

What it does: StackHawk builds security software that helps developers find, prioritize, and fix security bugs. It continuously scans and documents vulnerabilities to help engineers hunt them down and prevent future ones.

Why it’s a good bet: Developer security tools are a hot area attracting plenty of VC money and attention. In October, StackHawk announced a $10 million Series A round led by Sapphire Ventures. 

Huntress Labs

City: Elliott City, Maryland

Founded: 2015

Total funding: $18 million

Valuation: $58 million

What it does: Huntress Labs is a cybersecurity firm that searches through customers’ networks to find active threats that got past perimeter defenses.

Why it’s a good bet: The startup is focused on threat protection for small and medium-sized businesses, which the company says is a traditionally underserved market.

“They’re killing it,” Collin Gutman, managing partner of early-stage venture firm SaaS, told Insider in September 2019. Huntress Labs closed an $18 million Series A funding round earlier that year, which it’s been using to roll out new products.

Interos

City: Arlington, Virginia

Founded: 2005

Total funding: $26 million

Valuation: $118 million

What it does: Interos helps businesses analyze and respond to risks in their supply chain by identifying patterns in business operations and the financial markets.

Why it’s a good bet: Interos uses AI to identify risk factors that could disrupt a company’s supply chain and flags those indicators — a value that came into stark focus during the pandemic, which has caused significant jolts in various supply chains. 

In early 2019, the company closed a $17.5 million funding round from Venrock and Kleiner Perkins.

Fossa

City: San Francisco 

Year founded: 2015

Total funding: $35 million

Valuation: $100+ million, according to the company

What it does: Fossa, an acronym for “free open-source software auditing,” helps developers find open-source computer code to integrate into the software they are building.

Why it’s a good bet: Building security into software and application development is an $11.6 billion sector, according to the analysis firm PitchBook.

Fossa is competing in this hot sector by showing developers a history of the open source code, any known issues, and suggested fixes. 

Apiiro

City: Tel Aviv, Israel

Year founded: 2019

Total funding: $35 million

Valuation: Undisclosed

What it does: Apiiro’s platform uses machine learning to address security vulnerabilities and aims to help software developers secure their applications and products.

Why it’s a good bet: Apiiro is in the business of endpoint protection — meaning it builds security into the software and application development process — a sector that venture capital database PitchBook pegs at $11.6 billion.

In October, Apiiro announced a $35 million Series A round co-led by Kleiner Perkins and Greylock Partners. It had around 25 employees at the time, and a spokesperson confirmed the company has had no recent layoffs.

Appify

City: Campbell, California

Year founded: 2017

Total funding: $11 million

Valuation: $37 million

What it does: Appify (formerly Turbo Systems) builds a platform to help companies develop applications without writing code.

Why it’s a good bet: Helping people with little or no coding experience build applications and automate simple tasks is a big emerging market. Led by Jen Grant — the former chief marketing officer of Looker, which was acquired by Google Cloud — Appify raised a $11.45 million Series A round, which included $3.45 million in extension funding, in July. An Appify spokesperson did not respond to a request about whether the company has had any recent layoffs.

Traceable

City: San Francisco

Year founded: 2018

Total funding: $20 million

Valuation: $142 million

What it does: Traceable develops a security monitoring platform that uses machine learning to analyze data to detect for suspicious or abnormal activity and weed out attack attempts. 

Why it’s a good bet: Traceable CEO Jyoti Bansal is no newcomer to startups. He founded AppDynamics during the 2008 economic downturn, which gave him experience in leading a company through tough financial times like the ongoing coronavirus pandemic. In 2017, he sold the company to Cisco for $3.7 billion.

His new startup, Traceable, announced a $20 million Series A funding round last July.

Vendia

City: Seattle

Year founded: 2020

Total funding: $21 million

Valuation: $14 million

What it does: Vendia builds a product that allows companies to easily share data in real-time across clouds. It also provides capabilities for forecasting and scaling.

Why it’s a good bet: Vendia was founded by former Amazon Web Services employees: CEO Tim Wagner founded the serverless product AWS Lambda, while chief business officer Shruthi Rao headed blockchain technology at AWS. Vendia merges these two technologies to help companies manage their cloud data.

This vision helped it raise a $5.1 million seed round, which it announced last July, and another $15.5 million round this month.

Streamlit

City: San Francisco

Year founded: 2018

Total funding: $27 million

Valuation: $91 million

What it does: Streamlit builds an open source AI framework that helps developers and data scientists build and deploy custom apps within a few hours.

Why it’s a good bet: Streamlit, founded by former Google X employee Adrien Treuille,  announced a $21 million Series A last June from prominent VCs like Gradient Ventures and GGV Capital. Its open source software has already been in over 200,000 applications.

Pachyderm

City: San Francisco

Founded: 2014

Total funding: $29 million

Valuation: $92 million

What it does: Pachyderm makes it easier for customers to collaborate on and manage their data.

Why it’s a good bet: The shift to remote work has made Pachyderm’s product even more useful, the company said, because it helps data scientists stay in lockstep no matter where they work from.

In August 2020, the startup pulled in a $16 million Series B round led by Microsoft’s venture fund M12 and joined by Cisco-backed Decibel Ventures and Benchmark.

Randori

City: Acton, Massachusetts

Founded: 2018

Total funding: $30 million

Valuation: $60 million

What it does: Randori is a cybersecurity firm that attacks its clients to find their weaknesses.

Why it’s a good bet: Data breaches are on the rise and many companies now take the attitude that it’s not a matter of if they will be hacked but when. It can pay off for them to use a company like Randori to suss out where the vulnerabilities are, even if the firm doesn’t stick around to fix bugs.

In May, Randori announced $20 million in fresh capital in a Series A round led by Harmony Partners, which has also invested in E-Trade, Priceline, and Spotify.

Codefresh

City: Mountain View 

Year founded: 2014

Total funding: $42 million

Valuation: Undisclosed

What it does: Part of the red-hot developer operations sector, Codefresh helps software developers release computer code faster and more often, thus speeding up the application and product building process. 

Why it’s a good bet: Codefresh’s platform is specially built for apps that run on the popular open-source, Google-created cloud computing system Kubernetes, and the company has had success reeling in customers that are looking for something more modern than competitors in the field.

Jellyfish

City: Boston

Founded: 2017

Total funding: $44 million

Valuation: Undisclosed

What it does: Jellyfish builds software for managing a company’s engineering organization.

Why it’s a good bet: Jellyfish’s tools help managers track the work of their engineering teams, a kind of visibility that has become especially critical during the pandemic-spurred shift to remote work.

In 2020, it multiplied its revenue five times over and doubled its workforce, according to Jellyfish. The founding team — which met at the Oracle-owned Endeca — pulled in a $31.5 million Series B in January, led by Insight Partners.

Catalyst

City: New York 

Year founded: 2016

Total funding: $45 million

Valuation: $128 million

What it does: Catalyst is a customer-management company. It’s flagship product helps companies manage their relationships with customers, pointing out upsell opportunities or reasons there could be risk of losing accounts to competitors. 

Why it’s a good bet: As businesses struggle through the pandemic economy, retaining customers is crucial. Catalyst’s business has been robust as a result: The startup said last year that its annual recurring revenue — a measure of how much revenue it expects to generate in the next 12 months — increased by 380%. 

EdgeQ

City: Santa Clara 

Year founded: 2018

Total funding: $51 million

Valuation: $83 million

What it does: EdgeQ is developing computer chips geared to the rapid growth of cloud and artificial intelligence technologies and that are geared towards new “smart” devices, including cars, drones, and manufacturing equipment.

Why it’s a good bet: EdgeQ is seizing ample opportunities in the developing sector of edge computing, which provides quick access to computing power. The combination of smart devices and edge computing is a quickly growing sweet spot.

Skilljar

City: Seattle

Year founded: 2013

Total funding: $53 million

Valuation: $175 million

What it does: Skilljar develops software that helps onboard, train, and retain customers and provides different learning pathways for specific skillsets.

Why it’s a good bet: Skilljar just announced a $33 million round of funding in October and said that its usage has skyrocketed 5x during the remote work boom.

Fauna

City: San Francisco 

Year founded: 2015

Total funding: $57 million

Valuation: Undisclosed 

What it does: Fauna builds an application program interface (API) that helps developers access data and develop applications without having to manage servers, eliminating menial grunt work.

Why it’s a good bet: Last year the startup added big names to its leadership team, including CEO Eric Berg, who spent nearly a decade at Okta, and executive chairman Bob Muglia, who’s the former CEO of Snowflake.

Fauna now works with popular developer frameworks like React, programming languages like Python, Go, and Java, and developer tools like Microsoft’s Visual Studio Code.

Anyscale

City: Berkeley, California

Year founded: 2019

Total funding: $601 million

Valuation: $215 million

What it does: Anyscale was founded by a team of Berkeley researchers who created the open source project Ray, which is intended to make it easier for developers to distribute compute and memory across multiple computers. 

Why it’s a good bet: Ray is intended to solve a problem for machine learning and artificial intelligence applications, which require massive amounts of power and memory.  AnyScale raised $40 million in October from investors including New Enterprise Associates, Intel Capital, Foundation Capital, and Andreessen Horowitz. The company recently hired a new head of engineering.

Vercel

City: San Francisco

Year founded: 2015

Total funding: $60 million

Valuation: $66 million as of May 2019

What it does: Vercel builds a cloud platform to help front-end developers easily host and launch web pages and apps.

Why it’s a good bet: Vercel just raised a $40 million Series B round in December and is backed by big-name firms like GV (formerly Google Ventures) and Accel, as well as GitHub CEO Nat Friedman.

Its CEO Guillermo Rauch also has plenty of front-end development experience: He helped develop React, a Facebook-initiated open source framework that helps developers build faster websites.

Rockset

City: San Mateo, California

Year founded: 2016

Total funding: $62 million

Valuation: $63 million as of August 2017

What it does: Rockset builds a search and analytics engine to help developers process large amounts of data.

Why it’s a good bet: Rockset was founded by former Facebook engineers who scaled the social media giant’s data systems. That startup just announced a $40 million round in October  and is backed by VCs like Sequoia Capital and Greylock. 

Ayar Labs

City: Santa Clara, California

Year founded: 2015

Total funding: $66 million

Valuation: $170 million

What it does: Ayar Labs sells an optical chip for applications that require high bandwidth and low latency, traits that are critical for technology that requires processing massive amounts of data, like cloud computing and artificial intelligence.

Why it’s a good bet: Ayar Labs raised $35 million in November in a Series B round led by Downing Ventures and BlueSky Capital. While companies like Intel have long dominated the chip landscape, the rise of cloud computing and artificial intelligence has sparked the need for even more powerful and efficient processors – and Ayar Labs is taking on that challenge head-on.

It uses light to transmit massive amounts of data from chip to chip faster than through traditional methods. Ayar Labs had 55 employees in November, and a spokesperson said the startup plans to increase its headcount by 30% in 2021.

Directly

City: San Francisco 

Year founded: 2011

Total funding: $67 million 

Valuation: $115 million

What it does: Directly uses artificial intelligence to bolster customer support operations: It learns what customers react well to and can offer prompts created with natural language processing programs.

Why it’s a good bet: Microsoft and Samsung are the startup’s top customers and investors. CEO Mike de la Cruz is a veteran Silicon Valley executive who worked at Hewlett Packard Enterprise, SAP, and Oracle.

Bugcrowd

City: San Francisco

Year founded: 2011

Total funding: $82 million

Valuation: $167 million

What it does: Bugcrowd builds bug bounty software and pays people to legally hack into companies including Twilio, Atlassian, and Mastercard to find bugs and vulnerabilities.

Why it’s a good bet: Bugcrowd had its biggest month for submissions identifying bugs and vulnerabilities amid the pandemic, and announced in April a $30 million Series D from investors including Rally Ventures and Salesforce Ventures.

Armory

City: San Mateo, California

Year founded: 2016

Total funding: $82 million

Valuation: $217 million

What it does: Armory builds tools on top of Spinnaker, an open source software created by Google and Netflix engineers to help developers automatically deliver code updates to the cloud fast and frequently.

Why it’s a good bet: Spinnaker has been or is being used by companies including Adobe, Airbnb, and Comcast, according to its website, giving Armory a big pool of potential customers.

The startup, which has about 100 employees, raised a $40 million Series C round in October from investors including B Capital, Lead Edge Capital, and Salesforce CEO Marc Benioff. A spokesperson said the company recently expanded engineering, sales, and marketing teams and hired new executives.

Alkira

City: San Jose

Year founded: 2018

Total funding: $84 million

Valuation: $234 million

What it does: Alkira builds a tool to help companies manage multiple cloud providers and services.

Why it’s a good bet: Run by Cisco and Juniper Networks alumnus Amir Khan, Alkira helps companies with the two biggest trends in cloud computing: hybrid cloud, in which companies combine data centers with cloud services from pubilc providers like Amazon and Microsoft, and multicloud, where firms use services from multiple providers.

The 60-employee company closed a $54 million Series B round in October with investors including Koch Disruptive Technologies, GV, Kleiner Perkins, and Sequoia Capital. A company representative did not respond to a request about whether the company has had any recent layoffs.

Amperity

City: Seattle

Year founded: 2016

Total funding: $87 million

Valuation: $450 million as of May 2019

What it does: Amperity is a customer data platform that uses artificial intelligence to help users know who their customers are and make business decisions based on that data.

Why it’s a good bet: Amperity is taking on giants including Salesforce and Oracle in the emerging customer data platform space, but it has already gained traction with big brands like Starbucks and Gap Inc.

An Amperity spokesperson said the company is actively hiring and recently added Starbucks CEO Kevin Johnson and singer Ciara Wilson to its board.

RapidAPI

City: San Francisco

Founded: 2015

Total funding: $63 million

Valuation: $97 million

What it does: RapidAI is a marketplace for developers to find, share, and use application programming interfaces (APIs).

Why it’s a good bet: The company says its application is used by more than two million developers and that signups accelerated through the pandemic. That’s because many engineering teams are pushing out new software at a faster rate now that they’ve moved to remote work, RapidAPI founder and CEO Iddo Gino said.

The startup raised $25 million in new funding in September 2020 and is using the funds to hire lots of engineers in San Francisco and Tel Aviv.

Netlify

City: San Francisco

Founded: 2014

Total funding: $97 million

Valuation: $593 million

What it does: Netlify’s software helps developers build, design, launch, and host websites that are fast and secure — in less time than it would take with traditional tools.

Why it’s a good bet: The founders of Figma, GitHub, Heroku, Slack, and Yelp have all invested in Netlify because they understand the importance of faster development cycles for businesses, the firm said. Its product also helps users create websites without having to manage web servers because it builds with Jamstack, a hot new web architecture for developing and hosting websites.

In March 2019, Netlify said it was used by more than 800,000 developers and businesses, including Facebook, Google, Unilever, and even Popeyes parent company Restaurant Brands. That month, the startup raised $53 million in a funding round led by EQT Ventures Fund.

Deep Instinct

City: New York

Year founded: 2015

Total funding: $98 million

Valuation: $223 million

What it does: To identify and stop cyberattacks, Deep Instinct uses deep learning, a field of machine learning that allows computer programs to imitate the processes of a human brain to spot patterns. 

Why it’s a good bet: During remote work, protecting employees is more difficult than ever, and Deep Instinct’s innovative approach helps it stand out from traditional security players like Symantec, Trend Micro, and McAfee.

Sourcegraph

City: San Francisco

Year founded: 2013

Total funding: $98 million

Valuation: $103 million

What it does: Sourcegraph builds a search engine that allows developers to search through their code, which can help them better understand it and make larger-scale changes.

Why it’s a good bet: Sourcegraph just announced $23 million in fresh funding in March, with an additional $5 million in July. It’s backed by firms like Felicis Ventures, Craft Ventures, and Redpoint Ventures and has nabbed big clients like Amazon and Tinder.

Wiz

City: Tel Aviv, Israel

Year founded: 2020

Total funding: $100 million

Valuation: $500 million

What it does: Wiz helps companies secure their cloud infrastructure and have an overview of security risks across their cloud applications.

Why it’s a good bet: Founded by alumni of the Israeli army’s renowned 8200 cybersecurity unit, Wiz has already raised $100 million since it launched in 2020 from investors like Index Ventures, Sequoia, Insight Partners and Cyberstarts. Less than a year in, it’s already halfway to unicorn status. 

Onapsis

City: Boston

Founded: 2009

Total funding: $118 million

Valuation: $305 million

What it does: Onapsis is a cybersecurity firm that searches for and fixes weaknesses in the way companies use cloud software applications from vendors like SAP and Salesforce.

Why it’s a good bet: The company says business is booming as companies that hustled to the cloud at the beginning of the pandemic are now doubling back to make sure that they did it securely — if only so they can avoid the fines that come with violating federal data compliance regulations.

Onapsis made headlines in July when it discovered an SAP cybersecurity vulnerability affecting 40,000 companies. The US government issued warnings for companies to patch the flaw.

Domino Data Lab

City: San Francisco 

Year founded: 2013

Total funding: $124 million

Valuation: $343 million

What it does: Domino Data Lab helps businesses manage their artificial intelligence and machine learning tools, which have multiplied in recent years, often leaving companies with a  disconnected patchwork of products. 

Why it’s a good bet: Coordinating and orchestrating disconnected AI and data tools is a much-needed service for many companies experimenting in the developing area. The startup’s technology is used by major corporations, including many Fortune 500 companies. 

Coalition

City: San Francisco 

Year founded: 2017

Total funding: $125 million 

Valuation: $890 million

What it does: Coalition, a 100-person startup, insures small and medium-sized companies against being hacked, infected with ransomware, or otherwise attacked by cybercriminals.

Why it’s a good bet: While cybersecurity insurance has previously been available to large organizations, CEO Joshua Motta says Coalition is bringing new kinds of protection to small and medium-sized businesses.

They seem to be biting: The company said its customer base crossed 25,000 in 2020, a 600% increase year-over-year.

Dragos

City: Hanover, Maryland

Year founded: 2016

Total funding: $158 million

Valuation: Undisclosed

What it does: Dragos protects industrial facilities like oil fields and electrical plants from cyberattacks with a platform that helps firms analyze their security data. 

Why it’s a good bet: In a cybersecurity era dominated by cloud computing and artificial intelligence, Dragos cuts the other way, working with industrial sites that cannot – and should not – connect much of their hardware-based operations to the cloud.

That’s particularly important at a time of increased attacks.  

Amplitude

City: San Francisco

Year founded: 2012

Total funding: $187 million

Valuation: $1 billion

What it does: Amplitude builds a platform to help businesses predict the behavior of their customers.

Why it’s a good bet: Amplitude counts Microsoft, Ford, CapitalOne, NBC, and Paypal among its customers. It closed a $50 million Series E round in May, bringing its valuation to more than $1 billion, with investment from firms like Singapore Investment Corporation, Benchmark, and Sequoia Capital.

An Amplitude spokesperson said the 450-person company grew its headcount by 24% last year, grew revenue by 50% (though the company didn’t provide revenue figures), and added 400 customers. Plus, Amplitude gives employees a 10-year window to exercise stock options once they leave the company versus the traditional 90-day window, according to the company.

Rippling

City: San Francisco

Founded: 2012

Total funding: $197 million

Valuation: $1.35 billion

What it does: Rippling is a cloud-based human resources startup that offers small businesses an easy way to track and manage the needs of their employees.

Why it’s a good bet: The last decade has brought human resources out of the backroom and into the C-suite, with chief people officers leading hiring and retention strategy. They need better tools to cut through the administrative grunt work and focus on interpersonal issues and that’s where Rippling comes in. It’s one of the most valuable companies on this list, after the founders pulled in a $145 million Series B round led by Founders Fund in August 2020.

BioCatch

Cities: Boston and Tel-Aviv, Israel

Year founded: 2011

Total funding: $205 million

Valuation: Undisclosed

What it does: BioCatch uses behavioral biometrics technology to detect cybersecurity threats. 

Why it’s a good bet: BioCatch is already being used by top financial companies like American Express to detect fraud. The startup raised $168 million in Series C funding in September and recently made Insider’s list of cybersecurity startups headed toward an IPO.

A company spokesperson did not respond to a question about whether BioCatch has had recent layoffs.

Couchbase

City: Santa Clara, California

Year founded: 2011

Total funding: $250 million

Valuation: Undisclosed

What it does: Couchbase is an upstart database company taking on incumbents like Oracle and Microsoft with a more affordable alternative. 

Why it’s a good bet: As agile databases that can manage mixed media in the cloud have evolved, Couchbase has picked up more than 500 enterprise customers, including GE, Comcast, Wells Fargo, United, and Marriott.

Last May the company reported nearly $100 million in committed annual recurring revenue. 

Tipalti

City: San Mateo, California

Year founded: 2010

Total funding: $296 million

Valuation: $2 billion

What it does: Tiplati helps businesses automate their payments. It also aims to eliminate financial and compliance risks, help companies generate revenue, improve their relationships with suppliers, and more.

Why it’s a good bet: Tipalti just announced a $15o million round of funding last October and is now valued at $2 billion.

As companies moved their businesses online during the coronavirus pandemic, Tipalti saw higher demand for its payments technology, it said, and has roped in customers like Twitter and Uber.

Auth0

City: Bellevue, Washington

Year founded: 2013

Total funding: $333 million

Valuation: $1.92 billion

What it does: Auth0 is a cybersecurity software startup that manages user authentication and secures the login pages for large consumer and enterprise businesses.

Why it’s a good bet: Cofounded and run by a 12-year veteran of Microsoft, Auth0 raised a $120 million Series F round amid the pandemic in July from investors including Salesforce Ventures. The funding round started and closed within the month of June, a spokesperson said.

The 650-employee startup recently made Insider’s list of cybersecurity startups headed toward an IPO.

Qumulo

City: Seattle

Founded: 2012

Total funding: $357 million

Valuation: $1.21 billion

What it does: Companies use data storage startup Qumulo to manage file data in their own data centers and in the cloud, and use that data to create new services and applications.

Why it’s a good bet: One of the most valuable companies on this list, Qumulo raised $125 million at a glittering unicorn valuation in July 2020. CEO Bill Richter said the startup was able to raise the money because it’s at the center of two of the biggest trends accelerated by the pandemic: the rush for customers to modernize their IT and the broader shift to the cloud.

Arctic Wolf

City: Eden Prairie, Minnesota

Year founded: 2012

Total funding: $379 million

Valuation: $1.32 billion

What it does: Arctic Wolf builds a cloud security platform to help mid-size companies monitor their networks and respond to threats.

Why it’s a good bet: While other startups try to land huge enterprise clients, Arctic Wolf is making progress by targeting mid-size companies, which helped the startup double its subscription revenue between October 2019 and 2020.

The 550-employee startup raised $200 million in a Series E round in October from investors including Viking Global Investors, DTCP, Golub Capital, and Founders Equity Partners. The company did not respond to a request about whether it has had recent layoffs.

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