deepwatch, a leading provider of intelligence-driven managed security services, announced it has closed a $53 million Series B investment led by Goldman Sachs with participation from existing investor, ABS Capital Partners. As part of the investment, Holger Staude, a Managing Director of Goldman Sachs Growth, will join the Board. Proceeds from the investment will be used to accelerate R&D of the company’s innovative cloud security platform. The funding will also drive continued go-to-market growth and expansion of deepwatch’s partner ecosystem.
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deepwatch delivers managed security services by extending customers’ cybersecurity teams and proactively advancing their SecOps maturity. The acceleration of digital transformation and migration to the cloud coupled with rapid and constant changes in the threat landscape places considerable security risk on companies. These factors combined with the global shortage of cybersecurity experts to help companies manage these challenges is driving demand for outsourced security operations, which is a $25 billion market today and expected to more than double to over $50 billion by 2025.
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“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. “We’re extremely excited about the investment by Goldman Sachs to help the company meet the increased demand for our unique security value.”
“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. “Holger and I look forward to helping deepwatch capitalize on the significant market opportunity.”
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