Bastille Networks, Inc., an eminent provider of wireless threat intelligence technology, has announced a substantial Series C investment of $44 million. This significant funding round was led by Growth Equity at Goldman Sachs Asset Management (Goldman Sachs), marking a new phase in the company's expansion. The round also saw participation from existing investor Bessemer Venture Partners, alongside previous investors like Comcast and various individual supporters from the company's seed stage.
Strategic Investment to Fuel Expansion
This capital infusion aims to bolster Bastille's high-growth trajectory and facilitate its expansion into new markets. Bastille Networks stands at the forefront of addressing the surge in wireless vulnerabilities, a byproduct of the increasing prevalence of radio frequency devices in various sectors.
Goldman Sachs' Commitment and Board Inclusion
Growth Equity at Goldman Sachs Asset Management, known for its focus on investing in high-growth businesses with robust market positioning and sustainable business models, has shown a strong commitment to Bastille's vision and technology. Zartasha Chaudhry, of Goldman Sachs, will be joining the Board of Directors at Bastille to provide strategic guidance for the company's next growth stage.
Bastille's Unique Security Offering
Bastille's innovative approach enables commercial customers to detect every wireless device within their facilities, monitor device behavior, and assess traffic for otherwise undetectable threats. The company's technology stands out for its ability to seamlessly integrate with existing security systems and procedures, offering comprehensive solutions for policy enforcement and threat mitigation.
Executives' Perspectives on the Investment
Chris Risley, CEO of Bastille, expressed enthusiasm about the investment and partnership: “This $44 million investment from Goldman Sachs coupled with a shared vision about how our unique offering will help customers secure their radio frequency airspace, is a clear indicator of the strength of Bastille products. Bastille has tripled Annual Recurring Revenue in the last year and is on track to more than double ARR again this year. Given their product experience as a Bastille customer, we are thrilled to deepen our relationship with Goldman Sachs as we bring them on as an investor.”
Zartasha Chaudhry, Vice President in Growth Equity at Goldman Sachs Asset Management, highlighted the investment's rationale: "Bastille has transformed the wireless threat detection space by building an advanced, multi-tiered platform providing real-time, continuous wireless threat intelligence. Our investment reflects our thesis that, as sophistication of wireless threats continues to grow, Bastille is primed to meet the needs of customers across the enterprise and federal sectors."