Security analytics startup Exabeam announced on Tuesday that it has secured $10 million in a series A funding round led by Norwest Venture Partners, with participation from Aspect Ventures and angel investor Shlomo Kramer.
The funding will be used to continue the development of Exabeam’s solution and to support the company’s go-to-market strategy.
Exabeam’s solution leverages machine-learning technology to detect sophisticated cyberattacks based on the attacker’s behavior. According to the company, its platform eliminates the need to hire a large number of security-savvy data analysts and leverages existing security information and event management (SIEM) and log management repositories to detect modern cyber attacks and simplify security operations.
As part of the deal, Norwest Venture Partners Managing Partner Matthew Howard and Theresia Gouw, co-founder of Aspect Ventures, will join Exabeam’s board of directors, which already includes Kramer, CEO of Imperva.
“Exabeam is addressing a long-awaited market need by harnessing big data to address security threats beyond initial intrusion. With modern technology at its core and a team built of security powerhouses, Exabeam is poised to disrupt the security analytics scene,” Howard commented.
Exabeam was founded by Nir Polak, CEO, Sylvain Gil, vice president of products, and Domingo Mihovilovic, chief technology officer. Before launching the company, Polak and Gil worked for Imperva, while Mihovilovic occupied a founding leadership role at Sumo Logic.
“Organizations are losing the battle against cyberattacks, and the industry is in need of an effective approach to reverse the asymmetric advantage favoring hackers. Our investors have an impressive history of building transformative companies, and their confidence in Exabeam’s big data security analytics will help us solve the most persistent and important challenge in the security industry – stopping data breaches in their tracks,” Polak noted.