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Ellicott City cybersecurity firm Huntress raises $40 million to focus on threats to small business

Huntress, an Ellicott City-based cybersecurity firm, said Thursday that it has raised $40 million from an equity investment that will allow it to expand services to small businesses that are least prepared for cyberattacks.

The investment round was led by JMI Equity, a private equity firm with offices in Baltimore and San Diego that invests in software companies. Other investors, including ForgePoint Capital and Columbia-based Gula Tech Adventures, have increased their stakes in Huntress to support the company’s goal of helping small businesses improve cybersecurity.

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Customers of Huntress include managed-service providers and resellers that deliver security services to small and midsized businesses. The company employs nearly 100 full-time workers and partners with more than 1,500 resellers, which support more than 25,000 end customers.

“Until small businesses and midmarket firms can improve their security posture, they’ll remain prime targets for attackers,” said Kyle Hanslovan, Huntress founder and CEO. “We’re seeing evidence of that every day ... via the constant barrage of ‘normal’ malicious tactics hackers use to infiltrate businesses that are unprepared to launch a counter-response.”

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Huntress said it helps businesses identify and eliminate attackers who have bypassed preventive tools and are hiding within exposed information technology environments. The company helped lead the analysis in several recent security incidents, including the recent SolarWinds supply chain attack and the exploitation of some Microsoft Exchange servers.

Michael Williams, chief strategy officer at Logically, a Portland, Maine-based managed service provider, said the Huntress platform identifies breaches and reduces remediation time.

“It’s our backstop,” Williams said.

Huntress launched a security platform nearly a year ago that added functions such as ransomware detection, port scanning and antivirus management.

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