Online security solution provider deepwatch has netted $23m in its Series A round which was led by late-stage investor ABS Capital Partners.
The capital will be used to support the research and development of its machine learning security analytics and bolster its go-to-market strategy.
As part of the deal, ABS Capital venture partner Michael Avon will join the deepwatch board of directors.
Founded in 2015, deepwatch offers a cloud security and operations (SecOps) platform to help companies improve the identification, detection, protection, and response from cyber threats. Its technology is capable of discovering the assets, threats and vulnerabilities which are relevant to an organisation, supplying quick response times through risk-based prioritisation.
The company can help SecOps teams to lower their time-consuming tasks and free them to handle higher-priority incidents. Its cybersecurity solution is used across the financial services, insurance, legal, manufacturing, real estate, retail, technology and transportation industries.
ABS Capital venture partner Michael Avon said, “deepwatch has developed an innovative security operations platform as evidenced by its very impressive growth and momentum.
“We look forward to partnering with deepwatch as it continues to disrupt and redefine the modern managed security services industry to help its customers protect their brands and critical assets against a continuously advancing threat landscape.”
There has been a lot of activity within the cybersecurity space this year. Earlier in the week, Sqreen pulled in $14m for its Series A round which was led by Greylock Partners. The RegTech company helps businesses to automatically identify and protect themselves from online threats, all in real-time.
Cyberthreats are a constant battle for organisations, and a recent report from the FCA revealed the amount of data breaches in the UK increased by 480 per cent last year.
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