Securonix Secures $29 Million VC Funding for SIEM, Security Analytics Push
Securonix, a nine-year old security analytics and SIEM specialist, has landed $29 million in venture capital backing in a Series A round led by Volition Capital with participation from Eight Roads Ventures.
The Redwood Shores, California-based company, which earlier this year launched its flagship SNYPR Security Analytics Platform and rolled out a SaaS-based version of its user behavior analytics (UEBA) solution, intends to use the money for research and development and expand its sales reach in the U.S. and other geographies.
Securonix already has a partner program. And if you look closely, you’ll notice some MSSP-centric initiatives within those partner efforts.
As part of the funding round, Roger Hurwitz, a Volition managing partner, will take a seat on Securonix’s board of directors.
Securonix competes in the user behavior analytics, next-gen security information and event management (SIEM), and log management market spaces, squaring off to one degree or another with the likes of Blue Talon, Exabeam, LogRhythm and Sqrrl. Much to its credit, Securonix maintains a diversified channel program that includes MSSPs and has made it clear that partners are a significant component of its growth equation.
“We have a tremendous opportunity to establish Securonix as a platform of choice for security analytics, and this investment and the experience the partners bring will help us reach that next level of growth,” said Sachin Nayyar, Securonix CEO and founder.
Inasmuch as its technology is geared to monitor security events, identity and access data to detect insider threats and advanced, targeted attacks, the company is banking on increasing enterprise interest in a solution founded on machine learning technology that detects and responds to threats in real-time. With cybersecurity defenders moving in near lock-step to embrace data analytics, it seems like a safe bet at this point.
The company said it has experienced a growth spike that comes from an expanded customer base, a broadened sales reach and a rising employee count. Securonix claims that it has grown its customer base in the U.S. and across EMEA, APJ and Latin America, although it didn’t provide any specific numbers other than to say its customers include more than one-third of the Fortune 500 companies. In the past year, Securonix said it has grown from 180 employees to some 300 housed in multiple locations worldwide.
Securonix is one of a number of newbie security providers benefiting from an influx of VC money. In June, Armis, an IoT security provider with a channel-first sales design, emerged from stealth mode toting $17 million in venture capital for its platform to protect businesses from unmanaged, compromised or rogue devices and networks. Also in June, Balbix emerged from stealth mode with $8.6 million from Mayfield’s venture capital fund, sporting a predictive breach-risk platform that uses sensors and a machine learning model.
And, in late August, LookingGlass, a Virginia-based company that specializes in unified threat protection for enterprises and government agencies, secured $26.3 million in a funding round that included venture capital.