Managed detection and response company Deepwatch recently closed a $180 million funding round to hit a total valuation of $256 million, according to Crunchbase. This is more good news for the cybersecurity startup, which also reported a 100% increase in sales in 2022.
Vista Credit Partners will join Springcoast Capital Partners and Splunk Ventures as Deepwatch’s main financing partners. However, Deepwatch declined to offer a breakdown of the round’s specifics. Perhaps, as a cybersecurity firm, it is particularly cautious of sharing information online.
What is MDR?
Deepwatch offers managed detection and response, also known as MDR. MDR is a cybersecurity service that monitors threats 24/7 for customers.
This includes keeping tabs on endpoints, networks, and cloud computing services to investigate alerts and respond to potential threats. In other words, it’s like antiviral software on steroids, helping customers and enterprises both identify and respond to cyber attacks.
To run its platform, Deepwatch relies on a combination of machine learning, data analytics, and human brain power.
Investing in Cybersecurity
Deepwatch’s funding round provides further evidence that cybersecurity is a top priority for US companies and investors.
Through the first six weeks of 2023, cybersecurity funds have already raised a collective $1.7 billion — more than they did during the same period in 2020 or 2021. Additionally, despite widespread layoffs in the tech sector, over 750,000 cybersecurity jobs remained open as of December.
The amount of data floating around on the internet is truly hard to comprehend. But with Deepwatch and other cybersecurity companies gaining steam, consumers can rest easier. And, with the adrenaline these startups have injected into both the tech industry and the job market, investors and workers can too.
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