Managed detection and response startup Deepwatch raises $180M

SECURITY

Managed detection and response firm Deepwatch Inc. today announced that it has raised $180 million in new funding to accelerate platform innovation and product development while expanding its partner ecosystem.

The funding included new equity investments and strategic financing from Springcoast Capital Partners LLC, Splunk Ventures LLC and Vista Credit Partners LLC. Including the new funding, Deepwatch has raised $256 million to date, according to Crunchbase. Previous investors include ABS Capital Partners Inc. and Goldman Sachs Group Inc.

Founded in 2019, Deepwatch offers an MDR service designed to protect businesses from cyber threats. The company’s always-on cybersecurity platform is backed by experts who work as an extension of customer teams, according to the company.

Deepwatch says its cloud platform and borderless security operations center extend customer cybersecurity teams to protect their brands, reputation and digital assets, unifying cybersecurity on a single platform. Under the hood, the platform analyzes billions of events each month.

The company has seen its fortunes grow over the last year, including 100% year-over-year sales growth, off an undisclosed base, and more than two-thirds of customers expanding their service. Notable customers include Genuine Parts Co., Premise Health Holding Corp., Opportunity Hub LLC and Dover Corp.

“Our services have never been more vital,” Charlie Thomas, chief executive officer of Deepwatch, said in a statement. “Business transformation to cloud and digital, coupled with increasing levels of cyber risk drives strong demand for advanced protection from Deepwatch.

Deepwatch was in the news in September 2021 when it launched a new MDR solution for small to medium-sized businesses that integrates with the Splunk Inc. Cloud Platform and other services. Its MDR Essentials allows organizations to deploy a high-performance, automated security operations center in less than one hour. The service integrates with the existing environment without requiring additional hardware or consulting.

Since that time, it has also introduced new offerings and advancements, including the release of its Threat Analytics App 2.0, bolstered by its Threat Probability Value machine-learning backed software and extended MDR for endpoint and identity.

Image: Deepwatch