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Former Wall Street executives raise $125M for new security startup
It’s not every day that a startup closes a nine-figure investment before even launching its website. Such is the appeal of cybersecurity startups today.
BlueteamGlobal Inc., a newly established cybersecurity provider headed by veterans of the financial industry, hit the scene on Thursday with a hefty $125 million in funding. The startup stated in a press release that the capital came from a group of “institutional and individual investors” but didn’t divulge any names. The cash will be used to build out an international professional services operation focused on helping companies fend off online attacks.
In particular, BlueteamGlobal plans to offer technical assistance with implementing cyberdefenses and provide complementary threat intelligence. It has set up four offices besides its New York headquarters to better reach potential clients.
The effort is led by BlueteamGlobal co-founders Jim Rosenthal and Tom Glocer, whose credentials likely constitute one of the main reasons investors bet so much on the startup. Rosenthal, its chief executive officer, was previously the head of operations at banking giant Morgan Stanley. Glocer, who is chairman, had held the top post at Thomson Reuters Corp. for 10 years.
The other members of the leadership team boast equally impressive backgrounds. BlueteamGlobal’s professional services group will be headed by two former senior officials from the FBI’s cyber division, while its European business is overseen by one-time GCHQ director Robert Hannigan.
BlueteamGlobal is likely counting on this formidable executive roster to set it apart in the cutthroat security services market. The company will face off against well-established players such as IBM Corp. and Deloitte Ltd, as well as numerous smaller providers that occupy niche segments within the market. Profocio Inc., for example, raised $12 million last year for a managed security service that combines human expertise with a cloud-based threat detection platform.
That said, the market has more than enough room for another player. Gartner Inc. estimates that enterprise security spending passed $81 billion last year, with the lion’s share going to professional services and consulting.
Image: Pixabay
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