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Stellar Cyber Raises $7.1M for Cybersecurity Threat Alert Platform

Stellar Cyber, which provides the Open-XDR security platform, has raised $7.1 million in an expanded Series A financing round. The funding brings Stellar Cyber's total financing to date to $21.8 million, according to a prepared statement.

The Series A funding enables Stellar Cyber to expand its research and development, sales, marketing and partnerships, the company said. It also helps the company scale Open-XDR's global delivery capabilities.

A Closer Look at Stellar Cyber

Stellar Cyber provides Open-XDR, which ingests data from existing security tools, curates this information and uses it to provide cyber threat alerts, the company indicated. In addition, Open-XDR provides automated threat correlation and hunting and a data lake for security information.

Also, Stellar Cyber offers security operations center-as-a-service (SOCaaS) and managed detection and response-as-a-service (MDRaaS) for MSSPs. Both offerings are built on Open-XDR and accessible via Stellar Cyber's partner program.

Is Cybersecurity Funding on the Rise?

Along with Stellar Cyber, several cybersecurity companies recently have secured funding, including:

  • Arctic WolfRaised $60 million in a Series D financing round earlier this month. The company will use the funding to launch new SOCaaS service offerings.
  • Deep SentinelSecured a venture capital investment earlier this month. The artificial intelligence-based video surveillance and physical business security company has added $24 million to date in Series A funding.
  • SentinelOneAdded $200 million in Series E funding. The financing raised the endpoint protection platform provider's total valuation to $1.1 billion.

The global cybersecurity solutions market could be worth nearly $249 billion by 2023, according to industry analyst MarketsandMarkets. As such, cybersecurity funding could increase in the years to come.

Dan Kobialka

Dan Kobialka is senior contributing editor, MSSP Alert and ChannelE2E. He covers IT security, IT service provider business strategies and partner programs. Dan holds a M.A. in Print and Multimedia Journalism from Emerson College and a B.A. in English from Bridgewater State University. In his free time, Dan enjoys jogging, traveling, playing sports, touring breweries and watching football.