Cyber startup Deepwatch raises new $180 million round.

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19:00 | 16 February 2023

Cyber startup Deepwatch raises new $180 million round.

Managed detection and response (MDR) company Deepwatch has closed a $180 million round of “equity and strategic funding” for product development and expanded partnerships.

The company declined to offer a breakdown of the round into equity and debt/loan investments.

The funding came from several investors, including Vista Credit Partners, “Vista Equity Partners’ credit-investment strategy that offers flexible, customized debt and structured equity financing,” according to the company’s Web site.

Other investors include Springcoast Capital Partners and Splunk Ventures.

Deepwatch’s MDR helps protect customers from a growing number of cyber threats. MDR platforms help research alerts and determine if a threat actually exists. Such platforms use a combination of data analytics, machine learning and human intelligence.

“Our services have never been more vital,” CEO Charlie Thomas said in the release. “The transition of businesses to the cloud and digital technology, combined with increasing levels of cyber risk, is driving strong demand for advanced protection from Deepwatch.”

Deepwatch was among the cyber startups that have made major funding rounds this year.

On Tuesday, SandboxAQ, a subsidiary of Alphabet, raised a $500 million round, and in early January, Netskope, based in Santa Clara, California, received a $401 million convertible note investment led by Morgan Stanley Tactical Value.

Overall, cybersecurity investments have been relatively stable this year. In the first six weeks of the new year, cyber startups received a total of about $1.7 billion. While this figure is lower than the same period last year, when startups received more than $4 billion, it is ahead of the numbers for 2021 and 2020.

Interest in cybersecurity is not waning, as threats continue to grow and companies are increasingly looking at how they protect data.

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