Blumira Raises $15 Million Series B Round
HPA is excited to announce our participation in Blumira’s $15M Series B Round, which was led by Ten Eleven Ventures, and joined by Mercury Fund, RPS Ventures, and Duo Security co-founder Jon Oberheide.
Blumira has seen tremendous momentum over the past year with 100% year-over-year customer growth, including an 8x growth in the MSP channel, with customers in every vertical, including manufacturing and healthcare industries, as well as credit unions, colleges, universities, and municipalities.
“Alongside our Series B fundraising announcement, we are excited to announce the launch of our open XDR platform for small and medium-sized businesses. Security remains a significant manual lift for small teams. We think there’s a huge opportunity to deliver simplified security for the SMB market, reducing reliance on people to complete manual security tasks to help companies achieve faster time to security,” said Blumira CEO Jim Simpson and former Director of Product Management, Duo Security. “We meet customers where they are by offering a full range of detection and response options, from our Free SIEM to our all-in-one XDR solution, which eliminates redundancies and provides full hybrid coverage.”
Blumira’s XDR platform combines SIEM (Security Information and Event Management), endpoint visibility, and automated response capabilities to help lean IT teams streamline their security operations, reduce complexity, and gain comprehensive insights across their entire environment.
Most XDR solutions on the market today are built for larger enterprises with more resources, time and security expertise. In a recent whitepaper, Blumira shared that it is harder than ever for small or medium-sized businesses to deal with ransomware and data breaches. According to consulting firm SMB Group, in the last twelve months, 42% of SMBs said their company has experienced a data breach and 26% have experienced a ransomware attack (Directions For the Future of Work, SMB Group 2022).
From inception, the Blumira team has been focused on improving ease of use and measurable security outcomes for lean IT teams. “With their talent, experience, customer base, laser focus, and Duo background, this is the team and technology that will open up security for small and medium enterprises in a totally new way,” said Megan Dubofsky, Operating Partner, Ten Eleven Ventures. “We’re thrilled to support them on this journey and are pleased to be joined by an experienced set of co-investors in this new round, who we know will all be helpful to the Blumira team during the next chapter.”
HPA Deal Lead Ed Bellis will continue to support Blumira as a Board Observer. Ed has an extensive background in cybersecurity along with strong technical expertise from his time as the CTO and Co-Founder of HPA Portfolio Company Kenna, which was acquired by Cisco in 2021. Given his background, Ed brings an understanding of how to build and scale cybersecurity products.
On behalf of HPA, congratulations to CEO Jim Simpson and the Blumira team for this achievement! We are excited to support the company in the months and years ahead.
Read more about the round on Blumira’s website.