Cybersecurity Firm Proficio raises $12 Million Funding

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Proficio, a Carlsbad-based startup providing cybersecurity protection services for middle market companies, has raised $12 million in an investment round led by Kayne Anderson Capital Advisors. The Los Angeles-based private equity firm provided funding from its Kayne Partners Fund Group, which invests in high-growth technology businesses.

It is the first major capital raise for Proficio, which previously took in about $1 million, said co-founder and President Tim McElwee.

“They haven’t done anything in cyber, and they have been looking to get involved in the cybersecurity space,” said McElwee. “We are excited to be partnering with Kayne Capital as we accelerate the next phase of Proficio’s growth.”

“Proficio is changing the way organizations meet their information technology security and compliance goals by providing the most advanced cybersecurity solutions without the cost and complexity of acquiring sophisticated software or operating a 24×7 security operations center on their own,” said Nate Locke, a Kayne partner who will join Proficio’s board of directors, in a statement.

With the funding, Proficio aims to expand in its current markets of North America and parts of Asia, as well as spread into additional regions such as Europe and other parts of Asia.
The company also plans to expand its cybersecurity technology platform, adding new services for advanced analytics, threat intelligence and incident response.

Founded in 2010, Proficio provides managed cybersecurity services on a subscription basis to customers in banking, health care, utilities, credit and consumer businesses.

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