Managed cybersecurity provider Blackpoint Cyber has successfully raised $190 million in funding from various investors. The funding came through a Series C round, with Bain Capital Tech Opportunities leading the investment. Additional contributors to the round include Accel, Adelphi Capital Partners, Telecom Ventures, Pelican Ventures, and WP Global Partners.
Blackpoint Cyber, also known as Blackpoint Holdings LLC, specializes in offering cybersecurity services tailored for managed service providers (MSPs). MSPs are companies that manage the technology infrastructure of other organizations. Blackpoint Cyber’s services enable MSPs to secure the infrastructure they are responsible for by utilizing the company’s proprietary software platform.
One of the key services provided by Blackpoint Cyber is their managed detection and response (MDR) service. This service allows MSPs to monitor their clients’ infrastructure for signs of potential cyberattacks. Once a breach is detected, Blackpoint Cyber conducts an investigation and takes steps to remediate any compromised systems.
The company’s software platform, SNAP-Defense, plays a crucial role in delivering these services. SNAP-Defense provides visibility into network activity across both cloud and on-premises environments, as well as monitoring employee devices. It not only detects malware but also identifies compromised user accounts.
In addition to MDR, Blackpoint Cyber offers various related services. These include preventing the installation of unauthorized software on corporate devices and LogIC, a service designed to simplify compliance with data security regulations.
Blackpoint Cyber complements its cybersecurity offerings with an insurance service called Blackpoint RISK. This service provides coverage against cyberattacks and includes additional benefits such as access to cybersecurity training resources based on the selected insurance plan.
According to Blackpoint Cyber’s Founder and CEO, Jon Murchison, the company is experiencing rapid growth, with a reported annual growth rate of 100%. The company is also nearing profitability. The newly raised funding will be used to hire approximately 50 new employees by the end of the year and further enhance their technology.
Murchison acknowledged the fast-growing MSP market and the increasing sophistication of cyberattacks. He emphasized the need for MSPs to adapt quickly to protect their customers and infrastructure, and Blackpoint Cyber aims to address these challenges through scaling and innovative cybersecurity solutions.
Blackpoint Cyber’s funding success follows a trend in the cybersecurity industry, with other managed cybersecurity providers such as Huntress Labs Inc. and Deepwatch Inc. securing significant investments in recent times.