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Exabeam, a security information and event management (SIEM) cybersecurity firm headquartered in San Mateo, California, announced Tuesday it has raised $50 million in Series D funding.
Why it matters: Cybersecurity officers and leadership at companies experiencing cyberattacks, malware incidents, or data breaches need to be able to tell their board what happened — and fast. SIEM tools help that to happen and will only become more necessary for Corporate America as cyberattacks become more and more frequent.
The details: Exabeam, which uses machine learning and user behavior to try and secure companies, will use the new funds for its cloud portfolio, sales, and global expansion. It already operates in North America, Europe, the Middle East, Africa, and Asia, per The Silicon Review.
- The series was led by Lightspeed Venture Partners, the firm behind Snap’s IPO. Others investing in this round include Aspect Ventures, Cisco Investments, Icon Ventures, Norwest Venture Partners and investor Shlomo Kramer. They’re all existing investors.
The market: Gartner predicts that spending on SIEM tech will rise to $3.4 billion by 2021.
- It’s not a zero sum game as organizations sometimes use a few SIEM tools from different companies to optimize for different capabilities, like logging versus quick detection, per CSO.