SIEM Funding: Siemplify Raises $30M for SOAR Expansion
Siemplify, which specializes in SIEM and SOAR cybersecurity software, has raised $30 million in Series C funding led by Georgian Partners.
This is the latest in a growing list of SIEM-related funding deals the past few weeks. Earlier examples include Sumo Logic raising $110 million and achieving a $1 billion valuation, and Exabeam raising $75 million.
SIEM is short for Security Information and Event Management. SOAR is short for security orchestration, automation and response (SOAR), Both technology areas are quite important for MSSPs that are seeking to automate various pieces of the cybersecurity portfolios.
Key features of Siemplify’s SOAR platform include:
- Automatic data collection and alert triage.
- Interactive threat investigation and response.
- Security operations metrics and reporting.
- Security playbooks.
Siemplify: Company Background, Growth
Siemplify was founded in 2015 by Israeli Intelligence experts who previously ran or trained security operations centers (SOCs) worldwide. The company grew 280 percent in 2018 vs. 2017, and it sounds like roughly three or four companies from the latest Gartner Magic Quadrant for MSSPs leverage the company’s software.
Still, Siemplify didn’t say whether its latest growth figures involve revenues or some other metric. Also, the privately held firm does not disclose actual revenue or profit figures, so it’s difficult to pinpoint just how well the firm is performing against the overall SIEM and SOAR marketplace.
Siemplify will use its latest funds to “drive significant expansion of its global go-to-market strategy, as well as further enhance its market-leading security operations platform,” the company said in a prepared statement.
Siemplify Channel Partner Program and MSSPs
The expansion effort includes Siemplify’s Partner First worldwide channel program for MSSPs, VARs, large account resellers and systems integrators. The company launched the partner program in February 2019.
Siemplify hired Carbon Black veteran Bradd Barmettler as its global head of channel in November 2018.
True believers in the company include Castle Ventures, an MSSP that specializes in data and infrastructure security.