They spent the better part of a week kicking ideas around by email before finally getting together in person to draft out their plans on bar napkins. “We were convinced that MSSPs were taking the wrong approach,” says Merkel. “Also, there also was no true disruptor. We were confident that the barrier to entry was low and that we had the opportunity to start a business that could easily stand out by adopting a new approach.
Another problem for cyber companies is that as they scale, the quality of their security often starts to decline. “Companies don't need hordes of security staff,” explains Merkel. “They need a technology platform that hyper-scales people. Humans are still required in ‘the last mile’ of computer networks, but with Expel, you don't need as many people because the technology does the work.”
The company attracted the interest of investors early on, raising a $7.5 million Series A round in September 2016, led by Paladin Capital Group, with participation from New Enterprise Associates, Battery Ventures, Greycroft Partners, Lightbank and other individual investors. Last November, Expel closed $140.3 million in Series E funding, co-led by CapitalG, Alphabet’s independent growth fund, and Paladin Capital Group, which valued the company at over $1 billion.
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