Demisto, a company that specializes in security orchestration, automation and response (SOAR) technology, has raised $43 million in a Series C funding round led by venture capital firm Greylock Partners. The Series C financing comes after Demisto recorded 300 percent year-over-year customer growth and doubled its workforce in 2017, though actual revenue figures weren't disclosed.
The Series C financing will help Demisto accelerate its global go-to-market expansion and adoption and deployment of the Demisto Enterprise platform, according to a prepared statement. It also brings Demisto's total funding to date to $69 million.
Demisto Enterprise: Here's What You Need to Know
Demisto Enterprise acquires knowledge from real-life security analyst interactions and past incident investigations to help security operations center (SOC) teams drive accelerated, scalable incident response, Demisto asserts. It offers the following capabilities:
- Incident Management: Enables an SOC team to ingest incidents from multiple detection sources, study reconstructed incident timelines, capture incident evidence and documentation and visualize incident metrics.
- Interactive Investigation: Provides real-time and collaborative incident investigation, along with a virtual "War Room" that allows security analysts to collaborate, run security commands and capture incident context from different sources.
- Security Orchestration: Promotes standardized, automated and coordinated incident response across an SOC team's security product stack.
Demisto Enterprise is powered by machine learning technology, Demisto noted. It integrates with more than 150 security products and can be deployed both on-premise and as a hosted solution. The offering helps SOC teams reduce the number of alerts requiring human review by as much as 95 percent, the company asserts.
Enterprise Adoption of SOAR Solutions Projected to Increase
SOAR solutions empower SOC teams with security reporting, analysis and management capabilities, technology research firm Gartner noted. They can be deployed across cloud and on-premise infrastructure and help SOC teams address a variety of security challenges, including:
- Alert fatigue.
- Evolving cyber threats.
- IT staff shortages.
- Need for a central repository and action center for SOCs.
More organizations likely will consider SOAR solutions to "unlock the full potential of both their analysts and security product suite," Gartner noted. In addition, Gartner has projected that enterprise adoption of SOAR solutions will increase from 1 percent in 2018 to 15 percent by 2020.