Deepwatch, which offers MDR services, has raised $180 million in “equity investments and strategic financing” to speed up product development and grow partnerships.
The business did not provide details about the proportion of equity investment to debt and credit in the round.
Several investors contributed to the funding round. One of them was Vista Credit Partners, whose website describes it as a “credit-investing strategy that offers flexible, customized debt and structured equity financing.”
Both Springcoast Capital Partners and Splunk Ventures are among the company’s other investors.
Customers have a better chance of not getting hurt by the growing number of cyberattacks if they use Deepwatch’s MDR. MDR platforms can aid threat investigations to ascertain the veracity of reported incidents. These systems leverage data analytics, machine learning, and human expertise.
In a press release, CEO Charlie Thomas said, “Our services have never been more vital.” Strong demand for advanced protection from Deepwatch is being driven by “business transformation to cloud and digital,” as well as “increasing levels of cyber risk.”
Their headquarters can be found in Tampa. While making the funding announcement, Deepwatch projected a 100% increase in sales for 2022. According to Crunchbase, the company has now raised $256 million since its 2019 inception.
Massive Cyber Funding Cycles
As with other cybersecurity companies, Deepwatch has announced a sizable funding round for 2018.
Alphabet’s offshoot company SandboxAQ successfully completed a $500 million funding round on Tuesday. The company is investigating how governments and businesses can switch to public-key cryptography algorithms that are immune to attacks from quantum computers.
Morgan Stanley Tactical Value led a $401,000,000 convertible note investment in January for Santa Clara, California-based Netskope.
Spending on cyber defense has been relatively stable so far in 2018. Crunchbase has collected data that shows that so far in the first half of the year, about $1.7 billion has been put into cyber startups. While this is lower than the same time last year, when startups raised more than $4 billion, it is higher than the same time in 2021 and 2020.
Even though there are more threats and more people are looking at how companies protect customer data, it looks like cybersecurity is still a top investment priority.