DENVER & ST. PETERSBURG, Fla.--(BUSINESS WIRE)--deepwatch, a leading provider of intelligence-driven managed security services, announced the closing of a USD $23 million Series A funding round led by ABS Capital Partners, a leading late-stage growth company investor. deepwatch will leverage these funds to accelerate research and development for its machine learning security analytics platform, as well as go-to-market expansion. As a result of the transaction, Michael Avon, a venture partner with ABS Capital, will join the deepwatch board of directors.
“deepwatch has developed an innovative security operations platform as evidenced by its very impressive growth and momentum,” said Michael Avon. “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.”
Founded in 2015 as the vSOC business unit within GuidePoint Security, deepwatch has experienced tremendous growth and rapid adoption of its advanced security services platform by Fortune 500, Global 2000, and mid-sized enterprises. The demand for managed security services continues to accelerate amid a global shortage of cybersecurity personnel. This investment underscores the market’s enthusiasm for deepwatch’s differentiated managed security solutions, as well as the value of GuidePoint Security as a go-to-market partner.
deepwatch is disrupting the MSSP industry. deepwatch’s solutions are driven by its relentless focus on customers and unrivaled cloud SecOps platform. Designed to address the systemic flaws in the industry, deepwatch delivers the managed security services cybersecurity leaders have longed for including:
- Exclusive Maturity Models - Cybersecurity leaders struggle with measuring, maturing, and justifying their cybersecurity program. deepwatch's exclusive maturity models index customers’ cybersecurity program maturity, benchmark against industry peers and provide detailed maturity roadmaps. Mapped to common frameworks such as NIST CSF and MITRE ATT&CK, deepwatch's maturity models provide the right details no matter the audience.
- Cloud SecOps Platform - Threats don’t get easier, as the state of cybersecurity is increasingly complex. deepwatch continuously evaluates, integrates, and tunes leading technologies into its platform to ensure the ability to support customers’ fast-changing requirements. deepwatch manages these technologies, and its customers consume the results.
- Data-Centric Deployment Models - deepwatch’s cloud-based architecture supports businesses globally. With hosting options in over 30 worldwide locations, data is stored in-country, meeting data sovereignty requirements, including GDPR and BDSG, while providing centralized views and reporting for global audiences. deepwatch holds PCI and SOC 2 certifications, as well as maintains a certified GDPR Data Privacy Officer (DPO) on staff.
- Named Delivery Squads - Cybersecurity is all about context. deepwatch ensures customers are assigned named resources across all roles and shifts to ensure they maintain context. Understanding the minute details of customers’ evolving environments enables deepwatch personnel to identify potential issues that a less personal approach would miss.
- Real-Time Collaboration - Customers view deepwatch’s personnel as an extension of their cybersecurity teams, rather than a third-party service provider. The flexibility of multiple communications channels integrated into the deepwatch Cloud SecOps Platform fosters this relationship.
- Portability & Access - deepwatch passionately believes that customers’ data is theirs, and they should be able to access it at any time. No games, no proprietary formats, no hoops to jump through. Access it anytime, and take it should you leave.
“When starting vSOC, our goal was to disrupt the managed security services industry. We succeeded through our relentless focus on customers, as well as providing a flexible, transparent, and carefully curated platform. Our vision is to redefine the industry, realizing the promises of data analytics and machine learning for our customers,” said deepwatch Founder and CTO, Justin Morehouse.
“Cybersecurity leaders immediately recognize deepwatch’s truly revolutionary approach to managed security services. Cybersecurity teams are overwhelmed, and deepwatch is the answer as demonstrated by our 3,631% growth rate over the last 3 years, which places us among the Top 100 fastest growing companies,” added deepwatch CEO, Charlie Thomas.
deepwatch’s cloud SecOps platform and relentless customer focus are redefining the MSS industry. Designed to be different, deepwatch provides customers with world-class MSS solutions and unrivaled value by extending their cybersecurity teams, curating leading technologies into deepwatch’s cloud SecOps platform, and proactively driving their SecOps maturity.
Managed Security Services In Demand
deepwatch is capitalizing on the increased demand for cybersecurity personnel and expertise in a complex and growing cyber threat environment. According to Frost & Sullivan, managed security services (MSS) continues to be one of the fastest growing sub-sectors in cybersecurity, with the global MSS market expected to grow 16% on average from 2016-2020 to ~$20 billion.
Cybersecurity Ventures estimates that the global cost of cybercrime will reach $6 trillion in damages annually by 2021, up from $3 trillion in 2015, provoking a call to action across businesses to strengthen cyber defenses. Companies looking to bolster their security posture require significant resources to find and retain talent, leverage the right technology, and maintain best practices. These demands make it hard to justify the cost of managing cybersecurity internally. With the cyber workforce at 0% unemployment and the growing number of data and technologies generating noise and false positives, executives and boards are increasingly looking to outsourced security professionals to complement and fortify their organization’s cybersecurity operations and strategy.
About deepwatch
deepwatch delivers results-driven managed security services by extending customers’ cybersecurity teams and proactively advancing their SecOps maturity. Powered by its cloud SecOps platform, deepwatch is trusted by leading global organizations to provide 24/7/365 managed security services. Learn more at deepwatch.com.
About ABS Capital Partners
For nearly 30 years, ABS Capital has been investing in later-stage growth companies, helping CEOs capitalize on new opportunities and navigate unforeseen obstacles – while never losing sight of the ultimate goal of achieving lasting excellence. Our partners have decades of experience as C-level executives, investment bankers, and investors in the industries in which we invest: business and tech-enabled services and health care. This combination of experience and expertise means we have a laser-focus on the specific needs growth companies face as they look to get to the next level. By helping to transform over 125 companies through their most important stage of development, ABS continues to help unleash the potential for lasting growth. ABS Capital Partners. Here, we grow.
