Managed cybersecurity provider Blackpoint Cyber reels in $190M from investors | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware

Blackpoint Cyber, a startup that provides managed cybersecurity services using an internally-developed software platform, has raised $190 million in fresh funding.

The capital was provided through a Series C round that the startup announced today. Bain Capital Tech Opportunities led the round. Accel, Adelphi Capital Partners, Telecom Ventures, Pelican Ventures and WP Global Partners contributed as well. 

Blackpoint Cyber, officially Blackpoint Holdings LLC, provides a set of cybersecurity services geared towards MSPs. An MSP, or managed service provider, is a company that specializes in operating other organizations’ technology infrastructure on their behalf. Blackpoint Cyber says that such companies can use its offerings to secure the customer infrastructure they’re entrusted with operating.

The main highlight of the startup’s product portfolio is an MDR, or managed detection and response, service. The service allows MSPs to have Blackpoint Cyber monitor their corporate customers’ infrastructure for breach indicators. After detecting a potential cyberattack, the startup carries out an investigation and remediates any compromised systems it finds.

Blackpoint Cyber provides the service using a software platform it calls SNAP-Defense. The platform can visualize the network activity in a company’s cloud and on-premises environments, as well as monitor employee devices. According to Blackpoint Cyber, SNAP-Defense spots not only malware but also legitimate user accounts that may have been compromised by hackers.

The startup offers its managed detection and response service alongside a number of related offerings. One offering enables companies to prevent users from installing unauthorized software on corporate devices. Blackpoint also offers LogIC, a service that promises to ease the task of complying with data security regulations.

The startup provides its cybersecurity products alongside an insurance service called Blackpoint RISK. It provides coverage against cyberattacks and also includes various related offerings. Customers can, for example, access cybersecurity training resources depending on which insurance plan they purchase.

Blackpoint Cyber founder and Chief Executive Officer Jon Murchison told Fortune that the startup is “growing by 100% every year”. Moreover, it’s reportedly nearing profitability. Blackpoint Cyber will invest the proceeds from its newly announced funding round to hire about 50 additional employees by year’s end and enhance its technology. 

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

Blackpoint Cyber is the latest in a series of managed cybersecurity providers to have raised funding recently. Another market player, Huntress Labs Inc. reeled in a $60 million round last month. Earlier, Deepwatch Inc. secured $180 million from a group of investors that included Splunk Inc.’s venture capital arm.

Image: Blackpoint Cyber