Bastille on track to double Annual Recurring Revenue after growing 3x in 2023

Previous investor Bessemer Venture Partners also participates in the round

January 25, 2024 09:00 AM Eastern Standard Time

SANTA CRUZ, Calif.–(BUSINESS WIRE)–Bastille Networks, Inc., a leading supplier of wireless threat intelligence technology to high-tech, banking, and the intelligence community, is pleased to announce a Series C investment of $44 million, led by its new investor: Growth Equity at Goldman Sachs Asset Management (Goldman Sachs). Existing investor Bessemer Venture Partners joined Goldman Sachs in the Series C round. Investors in previous rounds include Comcast, Bessemer, and the individual investors who have supported the Company from its Seed stage. The capital will be used to support the company’s high growth and expand into new markets.

“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.”

Growth Equity at Goldman Sachs Asset Management is dedicated to investing in high-growth businesses with strong market positioning, and durable business models. Zartasha Chaudhry, of Goldman Sachs, will join Bastille’s Board of Directors to advise on the company’s next stage of growth.

With the proliferation of radio frequency devices in people’s pockets, in buildings, in business, and in industry, there has been an explosion in wireless vulnerabilities that are not detectable by existing security technologies. Bastille provides its commercial customers with the ability to detect every wireless device in every facility, to watch each device’s behavior, and to evaluate that traffic for threats which would otherwise not be seen. Bastille then provides customers’ security teams with the locations of all devices violating their security policies. A key design feature of Bastille’s technology is the ability to integrate with the customer’s existing security systems and procedures.

“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,” said Chris Risley, CEO of Bastille. “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.”

“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,” said Zartasha Chaudhry, Vice President in Growth Equity at Goldman Sachs Asset Management.

About Bastille Networks

Bastille is the leader in enterprise wireless threat intelligence through software-defined radio. Bastille provides full visibility into the known and unknown mobile, wireless, and Internet of Things devices inside an enterprise’s corporate airspace – together known as the Internet of Radios. Through its patented software-defined radio and machine learning technology, Bastille senses, identifies, and localizes threats, providing security teams the ability to accurately quantify risk and mitigate airborne threats that could pose a danger to network infrastructure. To learn more please visit https://bastille.net or follow us on LinkedIn.

About Growth Equity at Goldman Sachs Asset Management

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023.

Since 2003, Growth Equity at Goldman Sachs Asset Management has invested over $13 billion in companies led by visionary founders and CEOs. The team focuses on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare.

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Contacts

Press
Justin Fry
Bastille Networks
justin@bastille.net

Noe Sacoco
Sacoco PR
(408) 340-8130
noe@sacocopr.com

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