National Australia Bank (NAB) has invested in digital risk protection start-up Digital Shadows.
The investment was made through NAB Ventures, the bank’s corporate venture capital vehicle.
The funding is part of the technology firm’s $10m financing round.
Digital Shadows CEO and co-founder Alastair Paterson said: “Demand for digital risk protection continues to flourish with significant growth in the Asia Pacific market.
“It’s clear that an investment from a regional specialist in NAB Ventures is exactly what is needed to drive further growth in this massive market and to expand the delivery of our SearchLight service to customers around the world.”
NAB was joined by existing backers such as Octopus Ventures in the fundraising.
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With the infusion, Digital Shadows intends to scale the delivery of its SearchLight service which enables detection of data loss and reduction of attack surface.
At present, the service has hundreds of users that the firm plans to increase into thousands.
NAB Ventures managing director Melissa Widner and NAB chief enterprise security officer David Fairman will now sit on the Digital Shadows board as observers.
Widner stated: “It’s clear that our economy is becoming ever-more digitised, with information safety and security becoming paramount in the minds of consumers.
“As the platform and capabilities expand, we hope this relationship will help provide us with opportunities for future innovation.”
The latest deal comes shortly after NAB’s $2bn commitment for emerging technology firms in Australia.