Managed cybersecurity services provider BlueVoyant Inc. today said that it has raised a late-stage $250 million funding round from investors after growing its customer count by 80% last year. 

The Series D investment was led by Liberty Strategic Capital with participation from ISTARI, Eden Global Partners, 8VC and others. BlueVoyant is now reportedly valued at more than $1 billion.

New York-based BlueVoyant provides managed cybersecurity services that help companies protect their technology infrastructure from hacking attempts. The startup can manage enterprises’ entire cybersecurity operations on their behalf or help an organization with a specific aspect of its breach prevention efforts. 

BlueVoyant offers a variety of services as part of its portfolio. 

One service helps companies deploy Microsoft Corp.’s Microsoft Sentinel platform, which can detect threats across cloud and on-premises infrastructure. Another offering provided by BlueVoyant focuses on assisting customers with using Splunk Inc.’s popular data processing software. The software can process the cybersecurity logs produced by a firm’s systems to find potential breach indicators. 

According to BlueVoyant, third-party cyber risk management is another task with which it can assist organizations. Third-party cyber risk refers to potential cybersecurity issues that affect a company’s partners. For example, if a company shares data about its business strategy with a supplier, and the supplier’s network is breached by hackers, the data may be compromised. 

BlueVoyant evaluates how well an organization’s partners manage their cybersecurity and highlights potential risks. Similarly, the startup can help investment firms ensure their portfolio companies don’t have any network vulnerabilities that could lead to a breach. 

BlueVoyant also helps its customers with other cybersecurity tasks. The startup can detect if some of a company’s business data appears on the web, as well as evaluate the attack surface of corporate networks, to identify potential vulnerabilities.

BlueVoyant’s approach to cybersecurity is proving increasingly popular. The startup says that its customer count grew by 80% in 2021, while annual recurring revenues have increased by an average of 117% per year since 2018. 

“When we started BlueVoyant, we knew that cybersecurity was quickly becoming one of the most significant threats businesses and government agencies face, and something our team was uniquely prepared to address,” said BlueVoyant co-founder and Chief Executive Officer Jim Rosenthal. “In just over four years, we have grown to more than 560 employees, and have earned the trust of more than 700 customers.”

BlueVoyant will use the proceeds from its latest funding round to enhance its cybersecurity capabilities and support international expansion initiatives.

BlueVoyant’s $250 million round is the latest in a series of nine-figure investments raised in recent quarters by managed cybersecurity providers. Another player in this market, eSentire Inc., yesterday announced that it has closed a $325 million investment at a more than $1 billion valuation. Earlier, Arctic Wolf Networks Inc. raised $150 million last June at a $4.3 billion valuation.

Image: BlueVoyant