Exabeam, a late-stage startup in the data analytics and SIEM space, has landed a new $200 million funding round that values the company at $2.4 billion.
The announcement of Exabeam’s latest Series F funding, described as a “growth round,” coincides with news that co-founder and CEO Nir Polak will be replaced by former ForeScout chief executive Michael DeCesare.
Polak, who was Exabeam’s first CEO, will remain with the company and assume the role of board chairman.
DeCesare, a veteran cybersecurity executive who did leadership stints at McAfee and ForeScout Technologies, where he guided the company to a public markets exit in 2017.
Exabeam, founded in 2013 to jostle for market share in the SIEM (Security Information and Event Management) space, competes with the likes of Splunk, LogRhythm and IBM to help defenders store, log and parse corporate data at scale.
The company says it expects to use the new money to “fuel scale, product innovation and extend the company’s leadership” in what is described as a trusted cloud SecOps platform.
The latest investment was led by the Owl Rock division of Blue Owl Capital and supported by existing investors Acrew Capital, Lightspeed Venture Partners and Norwest Venture Partners.
Entrepreneurs and investors are competing aggressively for ownership and control of the massive data lakes powering enterprise security programs and Exabeam is among a wave of entrenched companies providing realtime data monitoring and visibility to defenders.
“[This] investment gives us the opportunity to triple down on our R&D efforts and continue engineering the most advanced UEBA, XDR and SIEM cloud security products,” the company said in a statement.
Exabeam says it has more than 400 resellers and about 500 technology integrations with leading IT and security companies including cloud network, data lake and endpoint vendors such as CrowdStrike, Okta and Snowflake.