Highlights:

  • The funding was provided through a Series C round announced by the startup recently. Bain Capital Tech Opportunities directed it. Also contributing were Accel, Adelphi Capital Partners, Telecom Ventures, Pelican Ventures, and WP Global Partners.
  • Blackpoint Cyber is the latest managed cybersecurity provider to raise capital recently.

Blackpoint Cyber, a startup that provides managed cybersecurity services utilizing an internally developed software platform, has raised USD 190 million in new funding.

The funding was provided through a Series C round announced by the startup recently. Bain Capital Tech Opportunities directed it. Also contributing were Adelphi Capital Partners, Pelican Ventures, Accel, Telecom Ventures, and WP Global Partners.

Blackpoint Cyber, officially Blackpoint Holdings LLC, offers managed service providers a range of cybersecurity services. An MSP is a corporation that specializes in handling the technology infrastructure of other organizations on their behalf. According to Blackpoint Cyber, these businesses can use its services to secure the consumer infrastructure they are entrusted to manage.

MDR, or managed detection and response, is the highlight of the company’s product portfolio. The service permits MSPs to have Blackpoint Cyber monitor the infrastructure of their corporate clients for breach indicators. After detecting a possible intrusion, it investigates and remediates any compromised systems it discovers.

Blackpoint Cyber delivers the service using SNAP-Defense, its proprietary software platform. The platform can monitor employee devices and visualize network activity in a company’s cloud and on-premises environments. SNAP-Defense detects both malicious and legitimate user accounts that hackers have compromised.

In addition to its managed detection and response service, the company provides several complementary offerings. One offering enables businesses to prevent the installation of unauthorized software on corporate devices by end users. In addition, Blackpoint provides LogIC, a service that promises to simplify compliance with data security regulations.

In addition to the cybersecurity products, the Blackpoint RISK insurance service is also provided. It offers protection against cyberattacks and a variety of related services. Depending on the insurance plan they purchase, customers may have access to cybersecurity training resources, for example.

Jon Murchison, the company’s Founder, and CEO, stated that the startup is “growing by 100% every year.” Furthermore, it is reportedly approaching profitability. Blackpoint Cyber will use the proceeds from its recently announced funding round to hire approximately 50 new employees by the year’s end and improve its technology.

Murchison said, “The MSP market is growing fast, and we are matching that growth by scaling and innovating new cybersecurity solutions. Cyberattacks are becoming more sophisticated and advanced, forcing MSPs to adapt rapidly to protect their customers and infrastructure.”

Blackpoint Cyber is the latest managed cybersecurity provider to raise capital recently. Last month, another market participant, Huntress Labs Inc., raised USD 60 million. Previously, Deepwatch Inc. raised USD 180 million from a group of investors that included the venture capital subsidiary of Splunk Inc.