SolCyber, positioned as a next-generation MSSP, has emerged from stealth mode and raised $20 million in a Series A financing round led by venture capital firm ForgePoint Capital.
Investor ForgePoint is very familiar with the MSSP, MDR (managed detection and response) and security-minded MSP markets. Indeed, ForgePoint also is an early investor in Huntress — the threat hunting and MDR service provider that supports MSPs in the SMB sector.
SolCyber will use the funding to extend its technology offerings, build mid-market awareness and drive customer growth, the MSSP said. It also expects to expand its team from 12 to 20 employees by the end of 2021.
SolCyber’s technology stack offers the following security capabilities:
Active Directory and administrator exploitation protection
Going forward, SolCyber will provide a “modern and secure MSSP for the mid-market,” McCrady said. SolCyber also will explore ways to provide organizations with solutions to help them improve their security posture via an easy-to-consume managed security services model.
MSSP and MDR Funding, Mergers and Acquisitions
Meanwhile, investment activity in the MSSP market remains strong. From venture capital to private equity and strategic M&A, new deals surface regularly.