Arctic Wolf reportedly wants to raise a new venture capital funding round at a company valuation of $4 billion.

That would more than triple Arctic Wolf’s valuation in less than a year. Bloomberg is reporting the news, citing people familiar with the matter. Viking Global Investors is expected to lead the investment. It’s already an investor with the cybersecurity startup.

Other existing investors include Lightspeed Venture Partners, Redpoint Ventures and Unusual Ventures.

Last fall, Arctic Wolf raised $200 million in Series E funding at a valuation of $1.3 billion. Viking Global Investors led that funding round with additional participation from DTCP and existing investors.

Arctic Wolf declined to comment on Bloomberg’s report.

The company provides security monitoring for small and midsize organizations to detect and respond to cyber threats.

Arctic Wolf Benefitting from Demand for Managed Security Services

Eric Parizo is principal analyst of Omdia’s cybersecurity operations intelligence service. Informa is the parent company of both Omdia and Channel Futures.

Omdia’s Eric Parizo

“Arctic Wolf has benefitted from an environment in which the demand for managed security services has grown significantly,” he said. “Because of the pervasive threats facing enterprises, the preventing, detecting and responding to those threats effectively, and the ongoing cybersecurity workforce shortage, many organizations see managed security services as a viable alternative.”

Last week, Arctic Wolf unveiled its enhanced partner program and introduced two new partnership tiers — authorized partners and wolf pack partners. The enhanced partner program focuses on investing in top-performing channel partners. It also outlines a path for partners of all sizes to grow with and expand their strategic relationship with the company.

Two years ago, Arctic Wolf switched to a 100% channel strategy to provide its entire portfolio of services and products only through its U.S. and Canadian channel partners.

The past year has accelerated Arctic Wolf’s channel momentum and growth with key accomplishments. Those include a record number of participants at key events, number of transactions and registered deals, and more.