ANN ARBOR—Officials at the Ann Arbor-based cloud data security provider Tenacity announced that the company has raised $3 million in new capital.
The round was led by the Chicago-based investor group Hyde Park Angels, with participation from Chicago-based Sandalphon Capital, Base Investments Ltd. of Darby, United Kingdom, and others.
Company officials said the funding would be used for its marketing strategy and product development.
Tenacity specializes in helping small businesses manage cloud security and compliance, helping them react to the threats of today’s online environment. Designed to be a “self-serve” solution, the platform uses AI to provide actionable data related to security posture, spending insights, and compliance misconfigurations, eliminating the need for new staff or consultants.
“Tenacity has reimagined access to the cloud security landscape for every business,” said Alex Brown, board member at Tenacity and former CEO of cloud services firm 10th Magnitude. “Ease of use, as well as a foundation of solid cloud optimization and security expertise, is critical. Everyone who runs a company in the cloud knows that cost, security, and compliance are problems that have to be solved every day. Looking around, other solutions out there are solving one of these problems at most and usually by just treating the symptoms. Tenacity is a total solution for the root cause.”
Added Tenacity CEO and co-founder Jason Yaeger: “We’re thrilled to have achieved this milestone, as it gives us the resources we need to continue scaling our business to help other businesses succeed. As we continue to scale, we keep that mission central to our work, ensuring that we’re delivering new functionality that meets the needs of our growing client base.”
Tenacity officials said they’re also seeing 30% month-over-month growth rate since January 2021 and have integrated Microsoft Azure into the platform.