Like sports, a good defense is the best offense when it comes to cybersecurity. According to Booz Allen, the average dwell time is 200-250 before discovery for an adversarial component used in cyberattacks. BlueVoyant is a comprehensive cyber risk management platform that helps enterprises handle both internal and external defense. The platform uses machine learning-driven automation combined with human expertise to handle compliance, detection, and response across an enterprise’s technology stack as well as across its vendors and suppliers. With the acquisition of Conquest Cyber, BlueVoyant expands its footprint within high-security and regulated environments including the defense and government sectors. The company now works with over 1000 companies to proactively protect them with best-in-class capabilities to illuminate, validate, and mitigate risk.
AlleyWatch caught up with BlueVoyant CEO and Cofounder James Rosenthal to learn more about the business, the company’s strategic plans, latest round of funding, which brings the company’s total funding raised to $665.5M, and much, much more…
Who were your investors and how much did you raise?
BlueVoyant raised more than $140M in Series E funding to accompany the acquisition of Conquest Cyber, a cyber defense company renowned for its innovative SaaS technology that streamlines risk management across an organization’s entire cyber program. The additional funding was led by existing investors, Liberty Strategic Capital, a private equity firm, and ISTARI, a cybersecurity investor and advisor founded by Temasek.
Tell us about the product or service that BlueVoyant offers.
BlueVoyant combines internal and external cyber defense capabilities into outcomes-based, cloud-native cybersecurity solution by continuously monitoring networks, endpoints, the attack surface, and supply chains, as well as the clear, deep, and dark web for threats. The full-spectrum cyber defense products and services illuminate, validate, and quickly remediate risks to protect your enterprise. BlueVoyant leverages both machine-learning-driven automation and human-led expertise to deliver industry-leading cybersecurity to more than 1,000 clients across the globe.
What inspired the start of BlueVoyant?
BlueVoyant was created 6 years ago because the team, who are former Fortune 500 and former government cyber officials, knew that cybersecurity was quickly becoming one of the most significant threats businesses and government agencies face, and something our team was specially prepared to address.
We knew how even the most well-budgeted large companies struggled to stop cyber attacks. BlueVoyant is mission-focused on solving the cyber defense issues that enterprises cannot solve on their own or with the help of other available products and software. The company is specially able to comprehensively help to defend client’s digital ecosystems mapped to risk maturity models.
How is BlueVoyant different?
Despite the extensive range of cybersecurity vendors, a significant gap persists in the market concerning comprehensive solutions that empower clients to assess, operationalize, validate, and mitigate risks. Many cybersecurity vendors offer point solutions but often fail to provide comprehensive solutions that address assessing, operationalizing, verifying, and remediating risk. BlueVoyant fills this critical gap, especially with the acquisition of Conquest Cyber. BlueVoyant will integrate Conquest Cyber’s technology into its existing products and services to create a comprehensive solution to deliver premier internal and external cyber defense mapped to risk maturity.
What market does BlueVoyant target and how big is it?
BlueVoyant and Conquest Cyber together have more than 1,000 clients around the globe, with that number continuing to grow. We can help any enterprise with cybersecurity no matter their industry or geographic location.
What’s your business model?
BlueVoyant offers comprehensive cybersecurity solutions including Managed Detection and Response (MDR) to continuous monitor client’s internal networks and endpoints, Supply Chain Defense to monitor and remediate risks from client’s suppliers, vendors, and other third parties, and Digital Risk Protection, to find and stop online fraud.
How are you preparing for a potential economic slowdown?
BlueVoyant has raised significant capital. Customers want to consolidate products and services, wanting more with fewer providers. Providers like BlueVoyant, which can solve this problem, have access to the capital they need.
What was the funding process like?
The funding process was very smooth. We reached out to get the funds to acquire Conquest Cyber because the combined capabilities would fill a critical gap in the current cybersecurity market. We very quickly gained traction from our existing investors.
What are the biggest challenges that you faced while raising capital?
We can’t say there were any specific challenges we faced. We have found that investors that engage more as partners to grow the business drive the best outcomes for us, our customers, and our investors.
What factors about your business led your investors to write the check?
Our existing investors knew the value BlueVoyant brings to the table, and also knew how adding Conquest Cyber would enhance our existing offerings.
What are the milestones you plan to achieve in the next six months?
We plan to continue to grow and keep up our growth momentum. We will be working to integrate our latest acquisition with Conquest Cyber to expand our SaaS footprint, tie our existing solutions to risk management, and expand our footprint in high-security environments, such as the Government sector and the Defense Industrial Base.
We plan to continue to grow and keep up our growth momentum. We will be working to integrate our latest acquisition with Conquest Cyber to expand our SaaS footprint, tie our existing solutions to risk management, and expand our footprint in high-security environments, such as the Government sector and the Defense Industrial Base.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
We believe the key to building a strong business that has investors chasing you, not the other way around, is to develop clear differentiators and then message that to the market. Once you do that, you gain optionality as to who and when you want to partner with for an investment round.
Where do you see the company going now over the near term?
We expect to continue to deepen our market penetration around the world, and to continue to bring premier comprehensive internal and external cyber defense to our clients. We expect with our enhanced risk management and SAAS capabilities, our revenue will continue to rapidly grow.
What’s your favorite fall destination in and around the city?
Amagansett.
