Cybersecurity services provider BlueVoyant said on Wednesday it had raised $250 million in a late-stage funding round led by Liberty Strategic Capital, a private equity firm founded by former U.S. Treasury Secretary Steven Mnuchin.

The New York-based company raised the new capital at a valuation of over $1 billion, according to a person familiar with the matter.

BlueVoyant is among the many cybersecurity companies which have seen valuations jump due to pandemic-led demand for their solutions amid lockdowns and worldwide adoption of hybrid work models.

Founded in 2017, BlueVoyant offers enterprise solutions to protect their organization networks, data and supply chain from third-party cyber and phishing attacks. The firm intends to use the capital raised to ramp up the development of its products and expand into new international markets.

Other investors in the series D round include Temasek-backed ISTARI, Eden Global Partners and 8VC.

Last year, Devo Technology, a security analytics company, raised capital at a valuation of $1.5 billion in a funding round led by Silicon Valley venture capital firm TCV. 

(Reporting by Manya Saini and Sohini Podder in Bengaluru; Editing by Shailesh Kuber) ((Manya.Saini@thomsonreuters.com;))