McKinsey & Company is betting on Austin-based cybersecurity firm Praetorian.

The management consulting giant, along with Austin-based Bill Wood Ventures, is part of a $10 million investment in Praetorian that was announced Thursday.

In addition to the funding, McKinsey has entered into a partnership with Praeteroian that it said will help its clients solve complex cybersecurity challenges and secure innovation.

Praetorian’s technology is used by corporate clients to solve cybersecurity problems across their enterprises and product portfolios. The company, whose name is a reference to the imperial bodyguards of ancient Rome, lists customers including CVS Health, Microsoft, Google and Whirlpool.

Praetorian founder and CEO Nathan Sportsman said the company had not planned to take outside funding.

"Having achieved profitability and cash flow positive operations through eight years of bootstrapping, we had no intention of raising outside capital," Sportsman said. "We had to reexamine that thinking after being introduced to partners that brought value far beyond a capital injection and that were completely aligned with our vision, mission and values."

Praetorian has been on the Inc. 5000 list of fastest-growing companies for the past six years. The company posted $12.4 million in revenue in 2018 and had three-year revenue growth of 179%, according to the Inc. 5000 report.

"This investment and collaboration complements and extends our existing cybersecurity capabilities," said Kevin Beuhler, senior partner and global leader of McKinsey’s cybersecurity practice. "We have been deeply impressed with Praetorian’s distinctive capabilities in security architecture and engineering and feel confident that our shared values will allow us to help put security at the center of their business strategy."