The Wilmington, Delaware-based security-as-a-service (SECaaS) provider said it plans to use its new funding to accelerate its channel partner marketing and support and product development.
"Our goal is to better equip our channel partners in providing high-quality cybersecurity to their small and medium-sized (SMB) customers at a very affordable price," MDS CEO Andrew Bagrin told Talkin' Cloud. "Additionally, we're striving to improve the product to perfectly fit the needs of the SMB market. The more channel partners we have, the better we can accommodate all small businesses."
Litera Investments and several private investors led the funding round.
MDS previously secured $500,000 in its initial seed round last year, and Bagrin noted that his company has undergone a major transformation since that time.
"There have been many changes since MDS first received its initial round of funding last year," Bagrin said. "When we first launched the (MDS) product, we began offering three service offerings that [could] be purchased and have since grown our partner and customer base considerably in a short period. We also decided to become a channel-only company and not sell directly to end users at all. We feel strongly that the channel model enhances the overall customer experience with the MDS service."
Bagrin added that his company has "a vision to provide high-end, simplified cybersecurity" and will continue to listen to feedback from partners and customers too.
"[We] want to continue providing them with the security service they need to be successful today and in the future," he said.
MDS last week appointed networking industry veteran Rick Green as its executive vice president of channel sales. It also unveiled a partner program for managed service providers (MSPs) and cloud-based security solution for small businesses last July.
The SECaaS provider currently serves MSPs and small businesses in various industries, including hospitality, professional services and retail.