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 Wolf: Raised $60 million in a Series D financing round earlier this month. The company will use the funding to launch new SOCaaS service offerings.
  • Deep Sentinel: Secured 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.
  • SentinelOne: Added $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.