SIEM Funding: Securonix Raises $24 Million
Securonix, a cloud security information and event management (SIEM) platform provider, has received a $24 million investment from venture capital firm Capital One Ventures. The company also has appointed Capital One Partner Jay Emmanuel to its board of directors as a board observer.
With the investment, Securonix will collaborate with Capital One to develop new product use cases for monitoring cyberattacks, insider threats, fraud and application, operational technology (OT) and Internet of Things (IoT) security, the company said. It also will explore ways to drive adoption of its cloud SIEM platform across financial services and other industries.
A Closer Look at Securonix’s Cloud SIEM Platform
Securonix’s cloud SIEM platform collects data in real time, uses machine learning algorithms to detect cyber threats and provides artificial intelligence-based security incident response capabilities, the company said. In doing so, the platform helps organizations stay ahead of cyberattacks.
Key features of Securonix’s SIEM platform include:
- Log management
- Security orchestration, automation and response (SOAR)
- User and entity behavior analytics (UEBA)
Furthermore, Securonix’s SIEM platform ingests data from cloud applications and infrastructure and on-premises solutions, the company stated. That way, organizations can use the platform to increase visibility across hybrid infrastructure.
What Does Capital One’s Investment Mean for Securonix?
Capital One’s investment strengthens Securonix’s ability to deliver its cloud SIEM and drive product innovation and growth, CEO Sachin Nayyar said. It comes after the company grew in 2020, which is reflected in the following milestones:
- 200 percent year-over-year growth in SaaS customer bookings
- 142 percent year-over-year growth in overall customer bookings
- 55 percent year-over-year growth in annual recurring revenue
- 54 percent year-over-year growth in number of employees
In addition, Securonix last year appointed Brett Bowman and Dilshan Ratnayake as its CFO and chief people officer, respectively. It also updated its Securonix Fuel program for MSSPs and managed detection and response (MDR) providers; to date, Securonix has onboarded more than 30 program partners and 100 customers from around the world.