MDR Funding: Blackpoint Cyber Confirms Series B Financing
Blackpoint Cyber, a managed detection and response (MDR) services provider, has raised a Series B funding round, according to a prepared statement. The company did not disclose how much financing it received during the round; it previously raised $6 million in funding in May 2018.
The Series B funding will help Blackpoint bolster its marketing efforts, the company stated. It also could help Blackpoint extend its reach in the MSP and MDR markets.
In addition to its Series B funding, Blackpoint has appointed John N. Stewart, former SVP and Chief Security and Trust Officer at Cisco, to its board of directors, CEO Jon Murchison said.
Blackpoint Introduces Contextually Aware MDR Platform
Blackpoint’s Series B funding and the addition of Stewart to its board of directors comes after the company launched its MDR 4.0 contextually aware MDR platform in July 2020.
MDR 4.0 detects cyber threats according to the MITRE ATT&CK framework, Blackpoint stated. It offers a variety of security capabilities, including:
- 24/7 security monitoring
- Threat detection
- Threat hunting
Furthermore, MDR 4.0 leverages a managed security operations center (SOC) that keeps pace with an evolving cyber threat landscape, Blackpoint said. In doing so, MDR 4.0 helps MSPs track current and emerging threats and provide unified protection across customers’ networks.
Along with MDR 4.0, Blackpoint earlier this year released the 365 Defense MDR add-on for Microsoft 365. The add-on allows organizations to track account activity, retrieve audit logs and enforce security best practices across Microsoft 365 environments, Blackpoint said.
MDR and MSSP Funding: Deal List
Funding within and across the MSSP market has been steady. Key deals have included:
- August 2020: ReliaQuest, an MSSP that developed its own cybersecurity software platform, raised more than $300 million from KKR.
- July 2020: Haven Cyber Technologies raised €5.7 million (approximately $6.4 million) from investment firm C5 Capital.
- January 2020: Abacode, a Top 200 MSSP, raised $4.85 million in Series A funding to expand its sales, security operations center (SOC) & project execution teams. Ballast Point Ventures leads the round.
- July 2019: Digital Hands, an MSSP & security operations center-as-a-service (SOCaaS) provider that supports MSPs, raised $15 million in private equity.
- June 2019: Expel raised $40 million to expand managed treat monitoring, investigation, Response and hunting.
- April 2019: Deepwatch, an MSSP spin-out from GuidePoint Security, raised $23 million to accelerate cloud-based SecOps, machine learning & analytics R&D.
- February 2019: Anitian, a Top 200 MSSP that evolved from a VAR business, raised $11 million in Series A funding. CEO Andrew Plato bets on Sherlock cloud compliance platform.
Also, find an MSSP merger and acquisitions list here.
SEC shows they’re trying to raise $7.4M but have only raised $5.4M. https://www.sec.gov/Archives/edgar/data/1660079/000166007920000001/xslFormDX01/primary_doc.xml
That’s less than their $6M Series A https://technical.ly/baltimore/2018/05/29/howard-county-based-blackpoint-cyber-raises-6m/
Tyler: Thanks for digging a little deeper for us, and sharing those items with our readers. Much appreciated.
Just to clarify, not trying to raise 7.4…we did….we had a close window to account for an investor who needed more time to move funds around…paperwork hasn’t caught up yet.
Jon M: Thank you for the clarification.