CRITICALSTART, a provider of managed detection and response services, has netted $40m in a minority investment from growth equity firm Sagemount.
This round marks CRITICALSTART’s first outside investment and will use the capital to expand its market presence. Funds are also earmarked for growing its presence in the US with new field office set to open in Los Angeles and New York City.
CRITICALSTART’s managed detection and response (MDR) services is based on a zero-trust analytics platform (ZTAP) which collates and investigates all alerts until they are safely dismissed – reducing 99 per cent of false alerts or those which require attention.
The company’s MOBILESOC application enables communication with clients and helps them investigate, escalate and remediate security issues from wherever they are.
Last year, the company grew by more than 300 per cent and is set to double its revenue this year, it claims.
Sagemount partner Michael Kosty said, “When it comes to growth investing, the best companies are looking for a great partner, not just an investment.
“As a high-growth, profitable private company, CRITICALSTART was successfully attacking the market for MDR services on its own but sought to accelerate product development and partnership opportunities. The company plans to capitalize on the huge enterprise opportunity for MDR services, which aligns perfectly with our strategy of providing flexible capital and strategic assistance to market-leading companies with recurring revenue models in high-growth markets.”
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