Orca Security, a company offering cloud-based services, announced on Tuesday the closure of its Series B funding round, raising $55 million.

The round was led by ICONIQ Growth and saw participation from existing investors, including GGV Capital, which led Orca’s Series A funding; YL Ventures, the VC that led its seed investment round; and Silicon Valley CISO Investments.

“We are very impressed with the depth, ease of deployment, and effectiveness of Orca Security’s technology, and believe in its potential to solve the growing problem in cloud security,” ICONIQ Growth’s General Partner, Matthew Jacobson said. “We have full confidence in Orca Security’s long-term opportunity as an important technology leader.”

Growing Demand for Cloud-Based Security Solutions

The new investment came only nine months after the closure of Orca’s Series A funding round. The two-year-old company raised $27 million ahead of the latest round.

The California-headquartered company is now planning for a massive expansion on all fronts using the fresh proceeds. It is aiming to triple its R&D team, a crucial department for any cybersecurity company, by the end of 2021.

Additionally, the company is planning to open new sales offices in the United Kingdom and Australia, boosting its sales team to nearly 30 people. According to Orca, this will help it serve its clients in European and APAC markets better.

“Cloud security is fundamentally broken. Practitioners are forced to waste their time installing and maintaining security agents instead of managing actual security risks,” Orca Security Co-founder and CEO, Avi Shua said. “The fact is, competing solutions view cloud resources as simple lists whereas bad actors see a graph with a clear path of attack. Orca Security changes that paradigm by visualizing cloud resources through the lens of an attacker.”

“Orca’s agentless cloud security solution is lightyears ahead of its time,” said Yoav Leitersdorf, Managing Partner at YL Ventures. “Thanks to a team of highly respected technologists and a powerful new approach to cloud security, Orca’s attracted the industry’s top talent, closed high-profile customers and secured a total of $82 million in funding in just under two years.”