LogRhythm, The Security Intelligence Company, today announced that it has closed a $50 million round of new financing.
The new capital will help LogRhythm accelerate its leadership and competitive differentiation in the briskly growing market for rapid threat detection and response solutions, a market which is expected to reach $23 billion by 2020 based on research by Gartner. The company will use the funding to continue expanding its worldwide market presence, extend its investment in innovation and strengthen its balance sheet.
The new funding was led by existing investor Riverwood Capital with participation by Adams Street Partners, Siemens Venture Capital, Delta-v Capital and members of the LogRhythm management team. The round also includes new investors EDBI, the dedicated investment arm of the Singapore Economic Development Board, headquartered in Singapore; Exclusive Ventures, the investment affiliate of Exclusive Networks, LogRhythm’s distributor in the EMEA region; and Silver Lake Waterman, Silver Lake’s late stage growth fund.
The LogRhythm unified security intelligence and analytics platform automates the detection, prioritisation and neutralisation of cyber threats. LogRhythm enables organisations to significantly reduce the time to detect and respond to cyber threats that have penetrated the enterprise perimeter or originated from within. With its rapidly growing enterprise customer base, the company continues to experience strong global momentum. LogRhythm has been positioned as a ‘Leader’ in the Gartner SIEM Magic Quadrant for five consecutive years and has improved its position each year.
“We’re excited to have the opportunity to increase our investment in LogRhythm as the company accelerates its global growth,” said Jeff Parks, founding partner of Riverwood Capital. “We continue to be impressed with the company’s ability to drive technical innovation while simultaneously taking customer and market reach to new levels. The company has been operating ahead of plan and is further extending its market leadership in the rapidly growing security intelligence and analytics space, as recently recognised by industry analysts.”
“We’re very pleased to continue our partnership with our existing investors while also making room in an over-subscribed round for several new investors who can help our ongoing international expansion,” said Andy Grolnick, president and CEO of LogRhythm. “We’re in the early stages of a fundamental market shift. Organisations around the world recognise that advanced detection and response capabilities need to be at the core of their cyber security strategies, and IT security budgets continue to shift in this direction from a traditionally prevention-centric set of priorities. LogRhythm has a tremendous opportunity ahead, as we become the platform of choice for powering customers’ next-generation security operation centres.”