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Posted on August 15, 2018 by staff

Cyber security firm bags $50m to ‘overtake Splunk’

Security information and event management company Exabeam has raised $50 million to become ‘the next Splunk’.

Exabeam, which has offices in California, London and Singapore, uses big data, machine learning and analytics to help companies detect and respond to cyber threats.

The series D funding round 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 funds will be used to grow the company’s cloud portfolio, as well as sales and channels to expedite global expansion.

CEO Nir Polak said Exabeam is on track to “overtake Splunk” and be the next SIEM (security information and event management) market leader.

“Our investors have an amazing track record of investing in companies that truly are disruptive and typically become category leaders,” he added.

“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.”

Exabeam claims to have enjoyed a 250 per cent market growth last year and is on track to more than double its market size in 2018.

The company says the growth is being fuelled complexities in securing modern digital businesses, along with the increase in sophistication of malicious threats and cybercrime.

Ravi Mhatre, partner at Lightspeed Venture Partners, said: “Exabeam is deliberately and systematically disrupting the enterprise SIEM space. We’re thrilled to partner with Nir and the team as the company continues to scale

“After just five years in business, Exabeam is rapidly gaining market share and winning deals 70 percent of the time when pitted head-to-head with the incumbent. That simply cannot be ignored.”