SOAR Funding: D3 Security Raises $10 Million for MSSP, MDR Partner Engagement
Security orchestration, automation and response (SOAR) software provider D3 Security has raised $10 million from Vistara Growth, and also lined up a $5 million credit facility from a financial firm whose name has not been disclosed.
D3 Security vowed to use the funding to engage more MSSPs and MDR (managed detection and response) service providers worldwide. The company’s XGEN SOAR platform combines automation and orchestration across 360+ integrated tools. D3 Security also offers codeless playbooks to help partners automate enrichment and remediation tasks for security operations, incident response and threat hunting.
D3’s partner program spans resellers, distributors, system integrators and MSSPs. The funding comes roughly one month after TD Synnex agreed to distribute D3 Security’s software to security partners in the United States and Canada.
D3 Security Funding: MSSP and MDR Partner Priorities
In a prepared statement about the funding, D3 Security President Gordon Benoit said:
“We’ve always been confident that we have the most powerful, agile, and easy-to-use SOAR platform on the market. This investment from Vistara will supercharge our ability to reach the thousands of enterprises, MSSPs, and MDR providers around the world who need a solution like ours.”
Added John O’Donoghue, Vistara growth investment director:
“We believe that as the benefits of SOAR gain wider recognition with increasingly security-conscious enterprises, the market is growing fast and D3’s platform is at the forefront. They are an ambitious technology company with a world-class product, and we look forward to supporting them as they reach their full potential.”
D3 Security, based in Vancouver, British Columbia, Canada, has 109 employees listed on LinkedIn.
SOAR Market Growth Forecast, Competition
The SOAR market looks like a lucrative, growing opportunity. Indeed, SOAR-related sales are expected to reach $550 million by 2023, generating a 14.9 percent compound annual growth rate (CAGR), Gartner predicts. Still, intense SOAR competition also looms. For instance:
- Sumo Logic in August 2021 launched a Cloud SOAR platform based on the DF Labs acquisition.
- Sophos, backed by private equity firm Thoma Bravo, in August 2021 acquired Refactr, a development and security and operations (DevSecOps) automation platform provider.
- LogPoint acquired SecBI for SOAR capabilities in September 2021.