WASHINGTON– Adlumin, the security operations platform and managed detection and response (MDR) provider keeping mid-market organizations secure, today announced that it closed $70 million in Series B funding led by SYN Ventures, with participation from First In Ventures, Washington Harbour Partners and BankTech Ventures. This investment brings the company’s total raised since inception to $83 million.
The funding will accelerate Adlumin’s growth and meet demand for the vast number of small and mid-market organizations that need an enterprise-grade solution with simplified pricing to defend against the same threats targeting the world’s largest businesses and government organizations. Adlumin’s proven ability to meet this demand through its modern platform, expert services, and channel-first approach has propelled the company to rank among the top 10% of America’s fastest-growing private companies and earn a spot on The Information’s 50 Most Promising Startups list for 2023.
“Organizations like law firms, banks, financial services firms, schools, manufacturers, and healthcare providers are the engines for economic and job growth and the backbone of the economy. But going beyond basic cybersecurity at these organizations has been generally overlooked or sadly out of reach. Adlumin is leading the charge to change that,” said Jay Leek, managing partner at SYN Ventures. “With an extremely healthy and fast-growing business that’s meeting the needs of the middle market, this financing will help put Adlumin on an even steeper growth trajectory.”
In the U.S. alone, 200,000 middle market businesses employ approximately 48 million people and represent one-third of the private sector GDP, according to The National Center for the Middle Market. The data these organizations must protect is just as sensitive, and the threats they face are just as severe as their larger counterparts. Still, they have not had access to the same cybersecurity skills or resources.
Verizon’s 2023 Data Breach Investigation Report points out that companies of all sizes now use similar services and infrastructure, so their attack surfaces share more in common than ever before. As the report notes: “This has led to a convergence of attack profiles regardless of the size of the organization. However, what is very different is the ability of organizations to respond to threats due to the number of resources they can deploy in the event that they are attacked.”
Adlumin’s patented security operations platform provides organizations everything they need for sophisticated, enterprise-grade security. This includes SIEM, vulnerability scanning, threat intelligence, UEBA threat hunting, honeypots, automated incident response and forensics, darknet exposure monitoring, compliance reporting and monitoring, and much more – through one license and one platform. As a modern, cloud-based, and flexible platform built to be the command center for security operations, Adlumin is pre-integrated with solutions that augment its capabilities and can be easily integrated with others. This comprehensive approach makes cybersecurity simple and cost effective for mid-market organizations that have been mired by the sprawl of different point solutions.
“For anyone charged with protecting sensitive data, seeing an uptick in new data breaches in the news every day will definitely keep you up at night,” said Ryan Blake, VP, Director of Information Technology at Blue Ridge Bank. “It’s become increasingly clear that hackers don’t discriminate, so we needed a better security solution than what was previously available. Working with Adlumin has given us peace of mind like we’ve never had before because we know we’re supported by a team and technology platform with capabilities that are on par with any big business.”
To address the challenges organizations face staffing their cybersecurity teams with qualified professionals, the Adlumin platform is specifically built to enhance collaboration with service providers who can deliver the type of expert support that is difficult for organizations to hire and retain on their own. Adlumin offers its own managed detection and response (MDR) services that provide customers with 24×7 human insights, threat hunting and trusted support. Adlumin also works closely with managed service providers (MSPs) and managed security service providers (MSSPs) who use its platform to serve their customers.
Regardless of who operates the platform, Adlumin delivers end-user organizations unmatched visibility into their security posture. Customers always have complete, real-time access to the Adlumin platform regardless of whether they are running it themselves or others are running it for them. This means they can see why an alert was identified and closed, can access investigation data, receive reporting and threat intelligence, generate compliance reports on-demand in a single click, and much more.
“With a significant cybersecurity skills gap, hiring the right people is an expensive, challenging and sometimes impossible task for small and mid-sized organizations who are competing with big government and businesses for talent. This is why empowering service providers – whose expertise can be multiplied across several organizations – will be essential to securing mid-market organizations, and why we built a platform that does exactly that,” said Robert Johnston, founder and CEO of Adlumin. “With this funding, we’ll continue expanding and strengthening our channel partnerships that are so critical to scaling and reaching the mid-market, and will always be innovating to better address our partners’ and end users’ evolving needs.”
