The funding will help Scope Security enhance its cybersecurity solutions. Here are the top-line bullets you need to know.
Scope Security, a provider of managed detection and response (MDR) solutions for the healthcare industry, has raised $20M in a Series A. The round drew participation from Crossbeam Venture Partners, Free Solo Ventures, Martin Ventures, SV Angel, Sound Ventures, and Thrive Capital.
HOW’S THE COMPANY PERFORMING?
- New York-based Scope Security provides managed detection and response solutions specifically designed to help healthcare organizations protect their medical devices as well as their IT and EHR systems.
- Founder and CEO Mike Murray served as Lookout’s Chief Security Officer from 2016 to 2019. He also led Product Development Security at GE Healthcare from 2014 to 2016.
Source: Scope Security
WHY DOES THE MARKET MATTER?
- The global cybersecurity market is expected to reach a value of $478.7B by 2030, growing at a CAGR of 9.5%, according to Allied Market Research.
- Funding to cybersecurity companies reached an all-time high of $28B in 2021, with early-stage (seed/angel and Series A) startups attracting more than half of all cyber deals.
- Big tech companies are increasing their cybersecurity investments. Google and Microsoft are looking to spend $10B and $20B, respectively, on cybersecurity over the next 5 years.
- The growing frequency and severity of cyberattacks, the shortage of cybersecurity professionals, and rising governmental regulatory pressure have contributed to market growth.
- Increased digitization amid the Covid-19 pandemic has also contributed to market growth.
