- The funds raised are expected to move ahead for product development and growing partnerships.
- The investment for cybersecurity will be prioritized as threats continue to grow across the IT environment.
Deepwatch Inc., a managed detection and response firm, recently made an announcement that it has raised USD 180 million in new funding. These funds will be used to boost product development and platform innovation during the expansion phase of its partner ecosystem.
The funding included new equity investment and financing from Springcoast Capital Partners LLC, Vista Credit Partners LLC, and Spunk Ventures LLC. The company has raised a total of USD 256 million, including this new funding. Goldman Sachs Group Inc. and ABS Capital Partner invested previously.
Founded in 2019, Deepwatch provides an MDR service designed for protecting businesses from cyber threats. The company’s always-on cybersecurity platform is well-handled by experts who also serve the customers, as per the company.
Deepwatch claims that its cloud platform and borderless security operations center enable customers to extend their cybersecurity teams to protect their brands, reputation, and digital assets, thereby unifying cybersecurity on a single platform. Each month, the platform analyses billions of events in the background.
The company has been growing over the last year, making 100% year-over-year sales growth, off an undisclosed base, and over two-thirds of customers stretching their band of services. Some of the big customers are Premise Health Holding Corp., Dover Corp., Opportunity Hub LLC., and Genuine Parts Co.
Charlie Thomas, chief executive officer of Deepwatch, said, “Our services have never been more vital. Business transformation to cloud and digital, coupled with increasing levels of cyber risk drives strong demand for advanced protection from Deepwatch.”
Deepwatch made headlines in September 2021 when it announced the release of a new MDR solution for small and medium-sized businesses that integrates with the Splunk Inc. Cloud Platform and other services. Its MDR Essentials enables organizations to quickly deploy a high-performance, automated security operations center in less than an hour. The service integrates into the existing environment with no additional hardware or consulting required.
Since then, it has also introduced new offerings and advancements, such as the release of its Threat Analytics App 2.0, which is supported by its Threat Probability Value machine-learning-powered software and extended MDR for endpoint and identity.