deepwatch, a Washington, DC-based managed security services provider (MSSP), announced on Monday that it has closed a $53 million Series B investment round led by Goldman Sachs.
The latest funding round brings the total amount raised by the company to $76 million.
Founded in 2015, deepwatch currently has more than 200 employees and serves a client base ranging from small businesses to Fortune 500 and Global 2000 companies.
According to the company, the additional funding will be used to accelerate R&D of its cloud security platform and support growth and expansion of the company’s partner ecosystem.
“We’ve experienced remarkable growth since our inception. Our innovative, cloud first platform, advanced algorithms, and powerful maturity scoring capabilities backed by our relentless focus on customer outcomes are substantially changing modern SOC operations and clearly resonating with CISOs,” explained Charlie Thomas, CEO of deepwatch.
“The demand for managed security services is expected to grow as staffing and skill shortages, an ever-evolving threat landscape, and an increasing compliance burden lead companies of all sizes to offload their security needs to specialist providers like deepwatch,” said Morgan Gerlak of Goldman Sachs Growth.
As part of the investment, Holger Staude, a Managing Director of Goldman Sachs Growth, will join the deepwatch Board.
ABS Capital Partners, an existing investor in deepwatch, joined Goldman in the funding round.
Related: Stepping Up to the Increasing Demand for Managed Security Services