Funding round follows 100% YoY customer growth
ANN ARBOR, Mich., June 7, 2023 /PRNewswire/ — Blumira, a leading provider of detection and response technology, announced the launch of its XDR platform to provide enterprise-level security for small to medium businesses (SMBs). The company also announced that it had raised a $15M Series B financing round led by Ten Eleven Ventures and joined by RPS Ventures, Mercury Fund, HPA, and Duo Security co-founder Jon Oberheide.
Blumira’s XDR platform combines SIEM, endpoint visibility, and automated response to help organizations with lean IT teams consolidate tools, reduce complexity, integrate broadly to provide insight across their entire environment, and use automation to speed up response.
“We are excited to announce the launch of our open XDR platform for small and medium-sized businesses alongside our Series B fundraising announcement. Security remains a significant manual lift for small teams. We think there’s a huge opportunity to deliver simplified security for the SMB market, reducing reliance on people to complete manual security tasks to help companies achieve faster time to security,” said Blumira CEO Jim Simpson and former Director of Product Management, Duo Security. “We meet customers where they are by offering a full range of detection and response options, from our Free SIEM to our all-in-one XDR solution, which eliminates redundancies and provides full hybrid coverage.”
Blumira’s XDR platform saves IT teams time and effort in threat response. Automated host isolation enables them to immediately contain an endpoint threat until they can investigate it further. Brian Johnson, president of 7 Minute Security, a cybersecurity services firm, said, “If system administrators are unavailable during a critical incident, host isolation would cut off communication until they can get their hands to the keyboard, preventing headaches for IT administrators everywhere.”
Most XDR solutions on the market today are built for larger enterprises with more resources, time and security expertise. In a recent whitepaper, Blumira shared that it is harder than ever for small or medium-sized businesses to deal with ransomware and data breaches. According to consulting firm SMB Group, in the last twelve months, 42% of SMBs said their company has experienced a data breach and 26% have experienced a ransomware attack (Directions For the Future of Work, SMB Group 2022).
From inception, the Blumira team has been focused on improving ease of use and measurable security outcomes for lean IT teams. “With their talent, experience, customer base, laser focus, and Duo background, this is the team and technology that will open up security for small and medium enterprises in a totally new way,” said Megan Dubofsky, Operating Partner, Ten Eleven Ventures. “We’re thrilled to support them on this journey and are pleased to be joined by an experienced set of co-investors in this new round, who we know will all be helpful to the Blumira team during the next chapter.”
Blumira has seen tremendous momentum over the past year with 100% year-over-year customer growth, including an 8x growth in the MSP channel, with customers in every vertical, including manufacturing and healthcare industries, as well as credit unions, colleges, universities, and municipalities.
With today’s announcements, Blumira is ushering in a new era of security for small and medium businesses worldwide. The company is poised to continue its impressive growth trajectory as more companies realize how enabling security is mission-critical for their business operations, regardless of size or budget constraints.
About Blumira
Blumira’s open XDR platform makes advanced detection and response easy and effective for small and medium-sized businesses, accelerating ransomware and breach prevention for hybrid environments. Time-strapped IT teams and Managed Service Providers (MSPs) can do more with one solution that combines SIEM, endpoint visibility, and automated response. Meet compliance with one year of data retention and extend your team with Blumira’s 24/7 SecOps support. G2 recognized Blumira as a Momentum leader, ranked as ‘Fastest Implementation,’ ‘Easiest to Use,’ and ‘Best Results’ in the G2 Spring 2023 Grid® Reports.
About Ten Eleven Ventures
Ten Eleven Ventures is the original cybersecurity-focused, global, stage-agnostic investment firm. The firm finds, invests, and helps grow top cybersecurity companies addressing critical digital security needs, tapping its team, network, and experience to help build successful businesses. Since its founding, Ten Eleven Ventures has raised over $US 1 billion and made over 40 cybersecurity investments across stages worldwide, including KnowBe4, Darktrace, Axis Security, Twistlock, Verodin, Cylance, and Ping Identity. For more information, please visit 1011vc.com or follow us on Twitter @1011vc.
SOURCE Blumira
