Baltimore’s ABS Capital Partners leads $23M Series A for Florida cybersecurity company

Inner Harbor-based investment firm ABS Capital Partners led a $23 million Series A for cybersecurity company deepwatch, the company said Wednesday.

deepwatch, a four-year-old company based in St. Petersburg, Fla., provides managed security services, meaning businesses work with the company to run security operations. Businesses often look to these firms in lieu of standing up an in-house cybersecurity team.

The funds will allow deepwatch to accelerate R&D on its security analytics platform, as well as outreach to customers.

With the deal, ABS Capital Partners Venture Partner Michael Avon will join the deepwatch board.

“deepwatch has developed an innovative security operations platform as evidenced by its very impressive growth and momentum,” Avon, the former CFO of Millennial Media who also founded ICX Media, said in a statement. “We look forward to partnering with deepwatch as it continues to disrupt and redefine the modern managed security services industry to help its customers protect their brands and critical assets against a continuously advancing threat landscape.”

ABS Capital Partners typically invests in later-stage growth companies.