SAN MATEO, CA, Exabeam, a leader in security intelligence solutions, today announced it raised $30 Million in series C funding.
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The round was led by Lightspeed Venture Partners and Cisco Investments, designed to support Exabeam's continued disruption of the multi-billion dollar Security Information and Event Management (SIEM) market. Ravi Mhatre of Lightspeed will be joining the Exabeam Board of Directors. In addition to new lead investor Lightspeed Venture Partners, existing investors Norwest Venture Partners, Aspect Ventures, Icon Ventures, and Shlomo Kramer participated in the round.
As data breaches continue to increase in both frequency and impact, organizations of all sizes struggle to detect, analyze, and respond to cyber threats. While SIEM products have traditionally been viewed as a primary means for detecting complex attacks, these solutions are no longer effective.
-There were 25% more data breaches than in 2015
-92% of external cyber attacks aimed to steal user credentials
-66% of insider threats involved intentional privilege misuse
-The average incident took 50 days to contain and investigate
The rise of identity-based and insider attacks via stolen or misused credentials requires a new approach. In response to this need to evolve the security market, Exabeam recently announced its Security Intelligence Platform, an analytics-led solution for data collection, threat detection, and automated incident response. An early leader in the user and entity behavior analytics (UEBA) market, Exabeam's 2016 sales were almost triple those of the prior year, with new global customers in the financial services, retail, energy, healthcare, and government industries.
'Exabeam's execution to date has been very impressive and the opportunity is large,' said Ravi Mhatre, Partner at Lightspeed Venture Partners. 'As cyberattacks continue to grow, organizations need a solution for detecting and responding to them. Exabeam is well positioned to be the leader in the security intelligence market.'
'Exabeam's behavioral analytics is a powerful tool that helps companies prioritize and focus on the most damaging threats they face,' said Rob Salvagno, head of Cisco Investments and vice president of Cisco corporate development. 'We're excited to become an investor in a company that shares our mission of reducing time to detection and helping customers respond to security threats more effectively.'
'Exabeam is growing quickly and I am excited to add both Ravi's expertise in building enterprise software companies and Cisco's breadth and depth in the security market,' said Nir Polak, Co-founder and CEO of Exabeam. 'This investment -- and the additional expertise and partnership it brings -- provides even greater support to take Exabeam to the next level.'