Blueshift Cybersecurity, an eXtended detection and response (XDR) service provider, has raised $6 million in a seed funding round. A company valuation was not disclosed. The funding reinforces continued venture capital and angel investor interest in the fast-growing XDR market. and also emphasizes MSP and MSSP partnerships in the SMB sector.
Blueshift will use the funding to expand its sales, marketing and channel development efforts; invest in research and development and operations; and build out its management team, the company said. Furthermore, the seed funding comes after Blueshift launched its Blueshift XDR service in February 2022.
Organizations can use Blueshift XDR to secure their IT infrastructure and devices, the company indicated. Blueshift XDR combines deep packet inspection, security event logging and vulnerability detection with artificial intelligence and machine learning to help organizations analyze security alerts and monitor and protect their assets.
Furthermore, Blueshift offers a partner program that lets MSSPs and other technology providers integrate Blueshift XDR into their offerings. To date, SPP, an MSSP and risk assessment services provider, has partnered with Blueshift. In addition, Blueshift has partnered with MSPs MashGrape Technologies, Netivity and Petronella.
XDR Funding Trend: Earlier Venture Capital, Angel Investments
The global XDR market is expected to reach $2.06 billion by 2028, which represents a 19.9% compound annual growth rate (CAGR) from 2021, according to a study conducted by Grand View Research. MSSP Alert considers that XDR market growth forecasts to be conservative.