Goldman Sachs Invests In MSSP Deepwatch
Deepwatch, a Top 250 MSSP and spin-out from GuidePoint Security, has received a $53 million Series B investment led by Goldman Sachs. The company will use the investment to accelerate research and development of its cloud security platform, drive go-to-market growth and expand its partner ecosystem, according to a prepared statement.
Organizations can use Deepwatch’s managed security services to protect their networks and systems against cyberattacks, the company said. These services include:
- Managed Detection & Response (MDR): Provides threat monitoring, alerting, validation and hunting.
- Managed Endpoint Detection & Response (MEDR): Leverages endpoint detection technologies in combination with Deepwatch’s platform.
- Vulnerability Management: Measures an organization’s assets, threats and vulnerabilities, offers security insights and responds to exploits.
MDR Funding on the Rise
Deepwatch’s Series B investment announcement comes after several MDR providers recently have received financing, including:
- Blackpoint Cyber: Added Series B funding in August; the company did not disclose how much financing it received at this time.
- GoSecure: Raised $20 million in Series E funding in July.
- Huntress Labs: Secured $18 million in Series A funding in February.
MDR revenues continued to grow in the second quarter of 2020, in spite of the coronavirus (COVID-19) pandemic, according to F-Secure CEO Samu Konttinen. Meanwhile, the global MDR solutions market is projected to expand at a compound annual growth rate of 16.4 percent between 2020 and 2024, with revenues expected to reach $1.9 billion by 2024, industry analyst Frost & Sullivan indicated.