Private equity giant KKR has led the $300m investment round of cybersecurity managed service ReliaQuest.
Other contributions came from Ten Eleven Ventures and ReliaQuest founder and CEO Brian Murphey.
KKR is making the investment through its $2.2bn Next-Generation Technology Fund II, which closed earlier in the year.
This fresh capital infusion will enable ReliaQuest to accelerate its growth initiatives, which includes global expansion and platform development.
Prior to this round, the cybersecurity company raised a $30m growth equity injection from FTV Capital back in 2016.
ReliaQuest believes that enterprises are increasing their usage of security technologies and outsourcing to managed security services providers (MSSPs).
Research from IDC claims that the MSSP market will grow by around 15% YoY to hit $27.9bn by the end of the year.
ReliaQuest aims to change the market through its flagship solution GreyMatter, a cloud-native SaaS platform that consolidates, normalises and correlates data from customers’ existing cyber technologies.
The platform leverages AI and automation to ensure continuous threat detection, threat hunting and remediation.
This capital injection has come after a strong growth period for ReliaQuest, which has seen its revenue increase by over 450% over the past three years. It is also hoping to hire an additional 100 staff for its team by the end of the year.
Ten Eleven general partner Mark Hatfield said, “In these challenging times, enterprises need powerful, resourceful solutions to manage their cybersecurity operations.
“ReliaQuest has developed a new approach to this challenge with its GreyMatter platform, giving security teams the ‘superpower’ to see more, detect and investigate faster, and make better decisions. We look forward to partnering with ReliaQuest as they offer enterprises a new way of obtaining advanced cybersecurity protection.”
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