Stellar Cyber Gets Additional Funding to Grow Its Security Business

MSP TODAY NEWS

Stellar Cyber Gets Additional Funding to Grow Its Security Business

By Erik Linask

In the midst of a global healthcare crisis, bad actors are trying to take advantage of unwary victims, bombarding personal and corporate email accounts with an endless barrage of scams and malware.  There’s also an increase in network attacks as hackers look for vulnerabilities in corporate infrastructure as businesses have to suddenly manage more remote workers than ever.  It can be a nightmare for IT teams, especially those who are using multiple security tools to manage their corporate security.  For MSPs providing security services to their customers, having effective tools in place is critical to their ability to serve multiple clients.

But, AI-based security solutions provider Stellar Cyber says it’s not uncommon for security analysts to have to cope with as many as 32 discrete security tools.  That’s hardly a formula for efficiency, especially at a time when threat levels and attack frequency is on the rise.

Stellar Cyber – which recently exhibited its solution at MSP Expo in Ft. Lauderdale, part of the TechSuperShow, and a year earlier was named the winner at ITEXPO’s IDEA Showcase – believes its Starlight platform can help.  It’s a toolkit designed to collect data from all existing tools and produce a single-pane threat assessment across the entire business.  The result is a more effective security posture that maximizes investments in security solutions, and allows IT and security teams to operate more efficiently to resolve threats.

“Enterprises and MSPs are adopting Starlight because it slashes false positives and unifies all cybersecurity efforts under a single platform,” said Changming Liu, CEO and co-founder of Stellar Cyber.  “We have had outstanding growth in the past year, and we’re grateful that this has been acknowledged by both our investors and our customers.”

That success has now led to an expansion of its Series A funding, with $7.1 million in new investment from Susquehanna International Group, which joins existing investors Valley Capital Partners, Big Basin Ventures, and Northern Light Venture Capital.

With the additional funding, Stellar Cyber says it will expand research and development, sales, marketing, partnerships and build scale into its global delivery capabilities.  With a clear need for advance security capabilities, there’s no better time for expanding its business.

"With a proven technology and customer track record, Stellar Cyber has a unique advantage and lead in the cybersecurity market," said Raymond Choi, Valley Capital Partners.

Growth opportunities for MSPs, including managed security, are the singular focus of MSP Expo, part of the TechSuperShow.  The 2020 edition of the event recently concluded in Ft. Lauderdale, Florida, and the 2021 edition will take place at the brand new Miami Beach Convention Center, February 9-10, 2021.  The Miami event will focus not only on security solutions and product offerings, but will heavily feature marketing, customer acquisition, benchmarking and metrics, compliance, and other key areas of business growth for MSPs. 




Edited by Erik Linask

Group Editorial Director

SHARE THIS ARTICLE
Related Articles

Cloud Optimization is Key to Managing Costs and Driving Digital Transformation

By: Matthew Vulpis    12/2/2022

The average company wastes as much as 35 percent of its cloud budget because they don't have the right cloud optimization tools to manage usage.

Read More

N-able Continues to Expand Support for MSPs

By: Stefania Viscusi    12/2/2022

N-able has expanded it distribution network to more effectively support its MSP and reseller partners across the globe.

Read More

TBI Adds Aryaka's SD-WAN and SASE to Supplier Portfolio

By: Stefania Viscusi    12/2/2022

Technology services distributor TBI has announced the addition of Aryaka Networks, a provider of unified SASE and SD-WAN solutions, to its supplier po…

Read More

As Crypto Scams Skyrocket, Pax8 Alerts MSPs to Risks

By: Matthew Vulpis    12/1/2022

The FTC warned earlier this year that "cypto has several features that are attractive to scammers," a reason why reported losses in 2021 were nearly 6…

Read More

Pure IP Launches Microsoft Teams Partner Program for MSPs

By: Stefania Viscusi    12/1/2022

Pure IP's eVoc2 program is designed to help MSPs and telcos offer business telephony services with Microsoft Teams using Operator Connect.

Read More