LogRhythm has announced the close a $50 million round of new financing.The new funding was led by existing investor Riverwood Capital with participation by Adams Street Partners, Siemens Venture Capital, Delta-v Capital and members of the LogRhythm management team.
The round also includes new investors EDBI, the dedicated investment arm of the Singapore Economic Development Board, headquartered in Singapore; Exclusive Ventures, the investment affiliate of Exclusive Networks, LogRhythm’s distributor in the EMEA region; and Silver Lake Waterman, Silver Lake’s late stage growth fund.
The growing market for rapid threat detection and response solutions is expected to reach $23 billion by 2020 based on research by Gartner. LogRhythm has been positioned as a ‘Leader’ in the Gartner SIEM Magic Quadrant for five consecutive years and has improved its position each year.
LogRhythm combines SIEM, Log Management, File Integrity Monitoring and Machine Analytics with Host and Network Forensics in a unified Security Intelligence Platform. Its SIEM solutions are mostly accommodating for midsize to large enterprises. Their SIEM consists of several unified components: the Event Manager, Log Manager, Advanced Intelligence Engine (AI Engine), and Console. It combines SIEM capabilities with endpoint monitoring, forensics, and management abilities to ease with deployment. The company also offers a popular free network monitoring solution.
“We’re very pleased to continue our partnership with our existing investors while also making room in an over-subscribed round for several new investors who can help our ongoing international expansion,” said Andy Grolnick, president and CEO of LogRhythm. “We’re in the early stages of a fundamental market shift. Organizations around the world recognize that advanced detection and response capabilities need to be at the core of their cyber security strategies, and IT security budgets continue to shift in this direction from a traditionally prevention-centric set of priorities. LogRhythm has a tremendous opportunity ahead, as we become the platform of choice for powering customers’ next-generation security operation centers.”
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