Exabeam, a security information and event management (SIEM) solutions provider, has raised $50 million in Series D funding led by American venture capital firm Lightspeed Venture Partners. The company also is hosting a major customer conference called Spotlight18 in September. The event should provide fertile ground for next-generation SIEM offerings and updates, MSSP Alert believes.
The Series D funding will help Exabeam expand its cloud portfolio, sales and channels, according to a prepared statement. It also represents another step forward in Exabeam's growth in the SIEM market over the past two years.
Exabeam is on track to more than double its SIEM market size this year, the company stated. It increased its billings by 205 percent year over year and reported 205 percent year-over-year billings growth for its Security Intelligence Platform (SIP) in the first quarter of 2018. The company also recorded 250 percent SIEM market growth in 2017 and 300 percent market growth in 2016.
Exabeam Platform Integrations
In addition, Exabeam recently announced several security product integrations, including:
- Carbon Black: SIP and the Carbon Black Cb Response threat hunting product together help security analysts and security operations center (SOC) staff speed up threat detection, response and remediation.
- Centrify: Security analysts and SOC staff can use SIP in conjunction with Centrify's Next-Gen Access integrated security solution to assess risks, identify threats and reconstruct incident timelines of anomalous, privileged escalation threats.
- Cybereason: SIP and the Cybereason endpoint detection and response (EDR) platform can share threat intelligence with one another to help security analysts and SOC staff coordinate cyber threat analysis.
Exabeam strives to overtake Splunk and become the next SIEM market leader, CEO Nir Polak stated. To accomplish this goal, Exabeam plans to invest heavily in its cloud solutions and search for ways to accelerate its global expansion.
What Does the Future Hold for Exabeam?
The expansion efforts include a heavy dose of partners and MSSPs, according to Richard Cassidy, director of sales engineering, EMEA. During a meeting with MSSP Alert at Black Hat USA 2018 last week in Las Vegas, Cassidy described how the company has been helping partners to deliver a better SIEM user experience than rival platforms. More details are expected at the Spotlight18 conference next month.
Exabeam's Series D funding and its recent security integrations could help the company extend its reach in the global SIEM market, which is projected to grow.
The global SIEM market is projected to be worth $4.5 billion in 2019, up from nearly $2.6 billion in 2014, according to industry analyst MarketsandMarkets. Key factors that are expected to drive this market's growth include growing compliance and regulatory mandates and the rising level of sophistication of cybercrimes.
Additional insights from Joe Panettieri.