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Blumira, a cybersecurity startup based in Ann Arbor, Michigan, today announced that it raised $10.3 million in a series A round led by Mercury with participation from Ten Eleven Ventures, M25, Array Ventures, and others. CEO Steve Fuller says that the investment, which brings Blumira’s total raised to $12.9 million to date, will be used to grow the company’s security information and event management platform and double the size of its team to 80 employees within the next year.
As enterprises embrace digital transformation during the pandemic, malicious actors are taking note — and advantage, in many cases. The world now faces roughly over 100,000 malicious websites and 10,000 malicious files every day. And ransomware has become prolific, despite the fact that 75% of companies infected with ransomware are running up-to-date endpoint protection.
Founded in 2018 by Matthew Warner and Fuller, Blumira looks to combat cyberthreats by identifying and delivering alerts on threats to help organizations respond to indicators of an attack. The platform enables IT admins to set up cloud security for Microsoft 365, Amazon Web Services (AWS), and more using APIs, ostensibly shortening the time to security compared with the industry average.
“With Blumira’s cloud security monitoring platform and access to security experts, there’s no need to staff an in-house security operations center,” Fuller told VentureBeat via email. “Our platform now enables mid-market companies to go from zero to a fully operational security solution in a matter of hours rather than the weeks and months it takes for the status quo tools on the market.”
Fuller notes that the adoption of software-as-a-service apps and migrations to the cloud have accelerated during the health crises. As companies shifted workloads to multicloud environments to support business continuity, the demand for security solutions grew. The global incident response services market is expected to reach $10.13 billion by 2026, Mordor Intelligence reports.
“The fact that our automated threat response platform can also be quickly deployed and used by teams of all sizes has only accelerated the company’s growth,” Fuller said.
Blumira, which claims to have “hundreds” of mid-market customers, recently launched an AWS security monitoring integration to detect, alert, and allow teams to respond to cloud security threats such as anomalous logins and misconfigured storage buckets. Fuller says the near-term goals are growing Blumira’s partnership program with managed service providers and investing in its technical partnerships with Cisco, AWS, Microsoft, and SentinelOne.
“Our platform now provides centralized data collection from endpoint, cloud infrastructure, identity, network and more, out-of-the-box cloud and on-premises integrations, data analysis, correlation and high-value alerts to identify threats, ongoing data parsing and pre-tuned detections, and prebuilt playbooks that guide IT teams through faster remediation,” Fuller added. “The platform automatically identifies indicators of ransomware attacks early and often, enabling busy IT teams to quickly contain threats.”
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