Security Startup Exabeam Beams Down $50M Series D Funding
SAN MATEO, Calif. -- Exabeam, the next-gen security information and event management company, today announced that it has closed $50 million in Series D funding. The round, backed entirely by existing investors, was 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.
The complexities in securing modern digital businesses, along with the increase in sophistication of malicious threats and cybercrime, are fueling growth in the security information and event management (SIEM) market, which is expected to hit $4.54 billion in 2019. Historically dominated by a handful of providers, in recent years, the market has shifted to platforms that can support the massive data volumes generated by cloud applications and mobile device use.
Exabeam is carving out a growing piece of the market, with 250 percent market growth in 2017, coming off 300 percent growth in 2016. The company is on track to more than double its market size in 2018.
Customers are choosing Exabeam for its superior threat identification and response capabilities compared to legacy SIEMs. Equally appealing is its flat, predictable pricing model, which allows organizations to store all of their logs, unlike the archaic "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.
Exabeam's SIP delivers where legacy vendors have failed. Built on open source, big data technology, including Elasticsearch and Hadoop, it provides unlimited secure data collection, indexing and search but without volume-based pricing. Advanced machine learning capabilities provide rapid insights into all events, including attacks and vulnerabilities so subtle and precise that humans simply cannot see them. The comprehensive platform contains many other customizable features spanning incident response and threat hunting, giving companies the freedom to scale and select only the security management solutions that fit their business needs.