Tech Funding Recap for June 16, 2021

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The world is becoming more reliant on technology as time goes on. We count on devices and software to provide conveniences and insight that go beyond what we had access to in the past. Businesses are meeting the growing demand by raising funds to produce products that make life easier.

Replit and CrowdStrike are two companies that have closed funding campaigns and made financial moves to grow their business. Read on to find out what to expect from them in the coming months and years.

Replit

Replit is a San Francisco based firm that makes coding easy. It offers a browser based integrated development environment that allows users to begin coding with minimal preparation and zero downloads. It can be used to build apps and websites on any operating system or device.

The platform supports more than 50 programming languages. Users can create co-working spaces, share projects and information and grant access to containers for executing code. The ease of use it provides has made it popular with major firms with a client base that includes big names like Google, Facebook, and Stripe.

Developers typically use a desktop-based IDE that requires a text editor to code as well as a secondary code hosting service to run the code. Replit puts everything on one browser and provides live chat to facilitate communication between developers working on the project, making the process much more convenient. It integrates directly with GitHub so users are not required to access a separate code hosting service.

Replit is ideal for beginner coders as it offers a free starter plan that levels the playing field when it comes to coding experience. It also facilitates coding across devices.

The company recently announced the closing of a $20 million funding round that will be completed in 2020. The money will be used for hiring, R&D, and expanding platform features.

CrowdStrike

Cyber threats are something everyone should be aware of. CrowdStrike keeps the internet safer by providing cloud native cybersecurity that focuses on endpoint protection and threat intelligence for businesses. They recently announced plans to acquire U.K. startup Humio, a move that will allow the firm to expand its detection and response capabilities.

CrowdStrike is effective in helping companies detect threats by monitoring entry points like employee mobile devices and laptops to prevent breaches. Humio is an up-and-coming log analysis and observability company that will assist with CrowdStrike’s capabilities by correlating data from logs, feeds, and applications to provide real time protection.

The need for cybersecurity has increased considerably during the pandemic as individuals and companies became more dependent on the internet. Acquisitions are a popular method of growth within the industry as CrowdStrike rival Datadog enhanced its app security and observability potential by acquiring Sqreen and Timber. New Relic made a similar move in acquiring Pixie Labs.

The CrowdStrike-Humio merger comes on the tail of Humio closing a $30 million funding campaign backed by major players like Accel and Dell. The transaction was a cash deal worth approximately $400 million.