Deep Instinct, an endpoint security startup, raised USD 62 million from BlackRock and Jupiter Fund Management. Deep Instinct’s total funding now stands at nearly USD 322 million.

Deep Instinct plans to further extend this round with additional USD 18 million in the coming weeks. Reportedly, this is also the company’s last funding round before it looks at going public over the next 18–24 months, depending on public market conditions.

Deep Instinct also announced the appointment of Lane Bess as its new chief executive officer (CEO). Lane Bess was the chairman of the company and now succeeds Guy Caspi, who will become the chairman and chief product officer (CPO) within the company. Prior to joining Deep Instinct, Lane Bess served as the chief operating officer (COO) of Zscaler and the CEO of Palo Alto Networks—two US-based cybersecurity giants.

Additionally, the company has also made a decision to exit the SMB market, as part of which it will lay off 30 staff members from its sales team in the US. However, the company plans to recruit around 60 employees for its R&D center in Israel and salespeople for operations, adding on to its current employee headcount of 300 in Israel and the US.

Analyst QuickTake: Deep Instinct exit from the SMB markets comes amidst restructuring efforts in the backdrop of economic headwinds. The announcement follows layoffs of some of its employees in sales and business development roles in June.