SIEM vendor LogRhythm has raised a $40 million round of new equity financing, the company announced Tuesday.
According to the long time SIEM vendor, which has transformed itself into a more wide-ranging security intelligence solution, the new funding will be used to accelerate product development, sales and marketing and customer service.
The funding round is the biggest in the company’s 11-year history, a company spokesperson told SecurityWeek.
LogRhythm offers a security intelligence platform designed to help customers detect threats in action in order to prevent costly breaches.
“As advanced threats and targeted attacks increasingly evade many traditional cyber defenses, LogRhythm’s next-generation Security Intelligence Platform empowers customers to detect them sooner so they can take action to protect their organizations,” said Andy Grolnick, CEO of LogRhythm. “Our advanced security analytics automate focus on the highest priority threats, enabling security teams to focus resources on the areas of greatest potential impact.”
The funding round was led by Riverwood Capital, with participation by existing investors Adams Street Partners, Access Venture Partners and members of senior management, along with new investor Piper Jaffray.
“LogRhythm is thriving in the security intelligence market on several fronts and has accelerated growth over the last year,” said Jeff Parks, founding partner of Riverwood Capital and newest member of LogRhythm’s Board of Directors. “This is clear evidence that its next-generation Security Intelligence Platform is resonating well with customers.”