Cybersecurity services firm Deepwatch has raised $53 million in new funding, the company announced Monday.
The new round was led by banking giant Goldman Sachs and included Baltimore's ABS Capital Partners. The company had previously raised $23 million in funding at a $69 million valuation in April 2019, according to data from PitchBook.
Goldman Sachs Growth executive Holger Staude will join the Deepwatch board.
Deepwatch, which lists on its website special operation centers in St. Petersburg, Florida, and Denver, has an office in Falls Church. Its top executives are based in the D.C. area, including CEO Charlie Thomas, Chief Financial Officer Ron Peele, Marketing Chief Christopher Kolling and Chief People Officer Jen Swensson. The company has more than 200 employees across the country.
ABS Capital Partners is currently headed by venture capitalist Michael Avon, who founded ICX Media in 2015.
Proceeds from the investment will be used to accelerate research and development of the company’s cloud security platform and the expansion of its partner ecosystem, Deepwatch said in a press release.
"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,” Morgan Gerlak, an executive at Goldman Sachs Growth, said in a release.
