18. Arctic Wolf

Founders: Brian NeSmith, Kim Tremblay
CEO: Nick Schneider
Launched: 2012
Headquarters: Eden Prairie, Minnesota
Funding: $899 million
Valuation: $4.3 billion
Key technologies: Artificial intelligence, cloud computing, deep neural networks/deep learning, machine learning, software-defined security
Industry: Cybersecurity
Previous appearances on Disruptor 50 List: 2 (No. 22 in 2023)

Organizations are spending record-level amounts on cybersecurity. Worldwide spending on security and risk management is expected to total $215 billion this year, a 14% increase from last year, according to data from Gartner. But breaches are still happening, financial losses are mounting, and generative artificial intelligence tools are emboldening cybercriminals even more.

Arctic Wolf, an Eden Prairie, Minnesota-based cybersecurity company, believes its software-as-a-service approach to protection can help stave off these increasing threats. The company's operations cloud can spot and address cyber threats, enabling customers to detect and respond to threats, as well as manage and strengthen their overall security position regarding potential threats.

In October, Arctic Wolf acquired Revelstoke, a cybersecurity company that developed a security orchestration, automation and response platform, which it will look to combine with its own proprietary AI and machine learning models. In a blog post, CEO Nick Schneider said the acquisition "will be able to accelerate our innovation cycle and will deliver the most effective threat protection on the market in an efficient and scalable manner."

Bolstering cybersecurity defenses remains one of the C-suites top priorities in 2024, and it's not a surprise why. Arctic Wolf's annual threat report notes that cybercrime groups are significantly increasing their ransom demands, are continuing to exploit well-treaded vulnerabilities, and business email compromise schemes are on the rise.