Exabeam has closed $50 million in Series D funding to grow the company’s cloud portfolio, as well as sales and channels to expedite global expansion.
The funding was backed entirely by existing investors, led by Lightspeed Venture Partners and supported by Aspect Ventures, Cisco Investments, Icon Ventures, Norwest Venture Partners and cybersecurity investor Shlomo Kramer.
The company says demand for solution in the security information and event management (SIEM) market is expected to hit $4.54 billion in 2019 citing data from MarketsandMarkets.
Historically, the sector is dominated by a handful of providers, but in recent years has shifted to platforms that can support the massive data volumes generated by cloud applications and mobile device use.
Exabeam says it posted 250 per cent market growth in 2017, coming off 300 percent growth in 2016, and says it’s on track to double its market size in 2018. The firm’s core product is the Security Intelligence Platform (SIP); it was named the 2018 Gartner Peer Insights Customers’ Choice for its SIEM software, and recently won an SC Awards Europe 2018 for Best SIEM.
The platform uses a flat, predictable pricing model, which Exabeam says allows organisations to store all of their logs, unlike the “by-the-byte” pricing model that forces budget-conscious customers to limit the amount of data covered by the SIEM, creating blind spots that sacrifice the security of the entire organization.
“As a longtime investor in the cybersecurity space, I’ve always been excited about Exabeam’s approach and potential to deliver the next generation of security tech,” said Theresia Gouw, co-founder of Aspect Ventures, and a leading investor in cybersecurity. “It’s clear from the large increase in replacement wins with customers like ADP, Hulu, Safeway, Union Bank that Exabeam is consistently delivering industry-leading technology to the most demanding enterprises and government organizations in the world.”
“Our investors have an amazing track record of investing in companies that truly are disruptive and typically become category leaders,” said Exabeam CEO Nir Polak. “Their experience with high-growth companies like MuleSoft, Nutanix, Zscaler, ForeScout – is invaluable to us in the advice and guidance they pass along to our executive team. The new funding will allow us to invest heavily in our new cloud solutions and reach even more enterprises around the world. We are on track to overtake Splunk and be the next SIEM market leader.”