ForgePoint invests in company’s cloud-based MDR solutions for MSPs and VARs
The Lowdown: The funding, which brings the total amount raised by the 5-year-old company to almost $20 million, will be used for engineering and development efforts, to expand into new markets and geographies, and to support its channel efforts.
The Details: Huntress, which was founded in 2015 by former NSA cyberoperators Kyle Hanslovan, Chris Bisnett, and John Ferrell, offers a managed detection and response (MDR) solution as Software-as-a-Service (SaaS) to MSPs and VARs. The goal is to give them affordable tools that they can use to protect their SMB clients, which are seeing similar levels of attacks as their larger brethren but often lack similar resources.
The Ellicott City, Maryland-based company’s cloud-based MDR offering can be deployed to hundreds of endpoints within 10 minutes through MSPs’ remote monitoring and management (RMM) software. Once deployed, the solution identifies infections and threats, reports them, and outlines response actions.
Huntress has more than 1,000 MSP partners and protects almost 500,000 endpoints.
The Impact: From its start, Huntress targeted SMBs for protection and saw MSPs and VARs as the best avenue for getting its technology to them. Verizon’s 2019 Data Breach Detection Report found that 43% of all cyberattacks were targeted at small businesses. At the same time, MSPs – because of their access to so many business clients – have become an attractive target to cybercriminals. Cloud backup and recovery company Asigra this week sent a warning out to its MSPs about the rising threat of ransomware attacks to their RMM software.
Background: Gartner analysts expect the market for cloud-based MDR services to grow in the coming years. By 2024, one-quarter of all organizations will be using such services, a jump from the less than 5% today.
The Buzz: “While working at NSA and cooperating with FBI, we saw firsthand how attackers establish persistence in systems, either waiting for the opportune moment to attack or selling access as part of a full-fledged business model,” said Huntress CEO Hanslovan said. “We wanted to make threat detection available to small businesses, who are under attack just as much as large enterprises. We call it cybersecurity for the 99%. We believe that the best way to effectively reach these businesses is by enabling and empowering the channel.”
“Many of these cyberattacks have grown in sophistication, and SMBs are demanding advanced capabilities from their IT and security providers to defend themselves,” said Ernie Bio, vice president at ForgePoint. “To meet this growing demand, the Huntress team built an accessible MDR-as-a-Service solution. We at ForgePoint are impressed by the Huntress team’s domain expertise, relentless drive, and passion to protect all customers from today’s advanced cyberthreats.”
“We have been with Huntress since the beginning. Huntress has made it very simple for us to look beyond endpoint prevention and hunt for persistent threats that have landed on our client endpoints,” said Reed Eichner, CTO at Computer Solutions. “They have been a great asset to our user community and enabled us to have productive and intelligent conversations with our customers about security. Not only have we been able to better protect our customers; we have seen growth in our business. We believe Huntress should be part of the conversation around the security stack and are excited to see what they do next.”