Panther Labs, a cybersecurity startup and security information and event management (SIEM) platform provider, has added $15 million in Series A funding led by venture capital firm Lightspeed Venture Partners. The company also has named Lightspeed Partner Gaurav Gupta to its board of directors.
The Series A funding will help Panther accelerate the development of its open-source SIEM platform, the company stated. In addition, the funding brings Panther’s total financing to date to $20.5 million.
A Closer Look at Panther
Panther delivers a cloud-based SIEM platform designed to help security teams automate threat monitoring, the company said. In doing so, security teams can use Panther’s platform to quickly detect and remediate threats.
Furthermore, Panther’s platform offers the following security capabilities:
Cloud Security: Provides continuous auditing of Amazon Web Services (AWS) configurations.
Data Analytics: Helps security teams establish baseline behaviors and perform investigations.
Log Analysis: Automates threat detection.
Panther’s platform allows security teams to use Python to write threat detection logic, the company indicated. It also works in combination with business intelligence (BI) tools such as Looker, Snowflake and Tableau and can be integrated into incident management, security orchestration, automation and response (SOAR) and other SecOps workflows.
To the best of MSSP Alert’s knowledge, Panther Labs has yet to announce a formalized partner program for managed security service providers (MSSPs) and cybersecurity consulting firms.
SIEM Funding Deals on the Rise
Panther’s Series A funding comes after several SIEM providers secured financing in 2019. Those rounds included:
Siemplify: Raised $30 million in Series C funding.
Sumo Logic: Added $110 million in a funding round and raised its valuation to over $1 billion.
SIEM represents a rapidly growing sector of the global cybersecurity services market, and the sector looks poised to continue to expand in the years to come.
The global SIEM market is projected to expand at a compound annual growth rate of 12 percent between 2020 and 2024, according to industry analyst Market Reports World. This sector also could be worth more than $3.9 billion by 2024.