A Tampa-based technology firm focused on cybersecurity has raised $180 million in equity and strategic financing.
Deepwatch announced the raise on Wednesday, with participation from Springcoast Capital Partners and Splunk Ventures. Vista Credit Partners, a subsidiary of Vista Equity Partners, was listed as a “strategic credit and financing partner.”
The company has raised more than $256 million in the last five years, with $53 million in 2020 and a $23.3 million raise in 2019. According to Tampa Bay Business Journal research, the company had $120 million in revenue as of 2021.
The latest funding will help Deepwatch meet “record” customer demand and advance its platform.
“Deepwatch has continued to innovate and is emerging as the market leader in managed detection and response security at the enterprise level,” said Holger Staude, managing partner of Springcoast Capital Partners, in a statement. He will join Deepwatch’s board of directors. “We are excited to serve as a strategic partner to Charlie [Thomas] and his team and support the company through the next stage of its growth.”
The company has several offices across the nation, including Falls Church, Virginia, and Denver. While it was previously based in St. Petersburg, the company now cites Tampa as its home base. According to Business Journal research, the company had 200 employees in 2021, with 85 of those being local.
Deepwatch joins a growing list of heavy-hitting cybersecurity companies in the region. Tampa-based ReliaQuest received a multimillion-dollar investment in 2021 to reach a $1 billion valuation; Clearwater-based KnowBe4 was acquired in February by Austin-based Vista Equity Partners for $4.6 billion; and Boston-based publicly traded company Rapid7 opened a 25,000-square-foot office in downtown Tampa this week.
“Our services have never been more vital,” said Charlie Thomas, CEO of Deepwatch, in a statement. “Business transformation to cloud and digital, coupled with increasing levels of cyber risk, drives strong demand for advanced protection from Deepwatch. We are excited to partner with [the investors] to advance our mission to protect the digital economy and defend against the increasing volume and complexity of cyber threats.”
