SolCyber emerges from stealth with $20M in funding from ForgePoint
Managed security service provider SolCyber Managed Security Services Inc. launched out of stealth mode today and announced that it has raised $20 million in funding.
The Series A round came exclusively from ForgePoint Capital and will be used to extend its technology offerings, build market awareness, drive customer growth and support an aggressive hiring strategy.
Pitching itself as the first modern MSSP for the midmarket, SolCyber offers a solution that enables organizations to prevent, monitor and respond to cybersecurity threats with a unique, curated and high-fidelity security approach.
The company offers a curated stack of enterprise-strength security tools and streamlined, accessible and affordable services for any organization. SolCyber claims to be “disrupting the status quo” by providing a new standard of managed security services that work to reduce cybersecurity risk, wastage and complexity.
For a company debuting out of stealth, SolCyber makes some bold claims. While noting that cybersecurity and ransomware attacks such as Colonial Pipeline and Kaseya REvil prove attackers don’t discriminate based on an organization’s size, SolCyber says its solution immediately improves a company’s security posture to a level that can combat advanced threats.
SolCyber makes a fair argument in that hackers use the same advanced techniques no matter the target, making it extremely difficult for midmarket organizations with limited resources and budgets to be in control.
“We know it is hard for midsized organizations to stay secure,” Scott McCrady, chief executive officer of SolCyber, said in a statement. “There are thousands of security technologies and hundreds of providers. Trying to figure out how to build the right security stack is tough and time-consuming. We founded SolCyber to help companies significantly increase the probability of stopping attackers well before they wreak havoc.”
Although now only coming out of stealth, SolCyber already has one client: the Rizek Group, one of the largest business groups in the Dominican Republic. The company partnered with SolCyber to increase its security posture around email, endpoint and active directory service.
According to Pitchbook, SolCyber had previously raised early-stage venture capital in September. That funding also came from ForgePoint Capital, with SolCycle having participated in the ForgePoint incubator program.
Photo: Bob Mico/OnShore Security
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